CHUBB LTD, 10-Q filed on 10/28/2021
Quarterly Report
v3.21.2
Document and Entity Information - SFr / shares
9 Months Ended
Sep. 30, 2021
Oct. 15, 2021
Dec. 31, 2020
Document Type 10-Q    
Document Period End Date Sep. 30, 2021    
Document Quarterly Report true    
Document Transition Report false    
Entity Registrant Name CHUBB LIMITED    
Entity Central Index Key 0000896159    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus Q3    
Entity File Number 1-11778    
Entity Incorporation, State or Country Code V8    
Entity Tax Identification Number 98-0091805    
Entity Address, Address Line One Baerengasse 32    
Entity Address, City or Town Zurich    
Entity Address, Country CH    
Entity Address, Postal Zip Code 8001    
Country Region 41    
City Area Code (0)43    
Local Phone Number 456 76 00    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Shell Company false    
Entity Emerging Growth Company false    
Common Shares, par value SFr 24.15   SFr 24.15
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Common Shares Outstanding   430,741,280  
INA Senior Notes Due March 2038 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038    
Trading Symbol CB/38A    
Security Exchange Name NYSE    
INA Senior Notes Due December 2029 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029    
Trading Symbol CB/29A    
Security Exchange Name NYSE    
INA Senior Notes Due June 2031 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031    
Trading Symbol CB/31    
Security Exchange Name NYSE    
INA Senior Notes Due March 2028 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028    
Trading Symbol CB/28    
Security Exchange Name NYSE    
INA Senior Notes Due June 2027 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027    
Trading Symbol CB/27    
Security Exchange Name NYSE    
INA Senior Notes Due December 2024 [Member]      
Title of 12(b) Security Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024    
Trading Symbol CB/24A    
Security Exchange Name NYSE    
Common Class A [Member]      
Title of 12(b) Security Common Shares, par value CHF 24.15 per share    
Trading Symbol CB    
Security Exchange Name NYSE    
v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Assets    
Fixed maturities available for sale, at fair value, net of valuation allowance - $12 and $20 (amortized cost – $89,335 and $85,188) $ 92,685 $ 90,699
Fixed maturities held to maturity, net carrying value 10,515 11,653
Equity securities, at fair value 4,557 4,027
Short-term investments 3,529 4,345
Other investments, at fair value 10,843 7,945
Total investments 122,129 118,669
Cash 1,620 1,747
Restricted cash 176 89
Securities lending collateral 2,368 1,844
Accrued investment income 825 867
Insurance and reinsurance balances receivable, net of valuation allowance - $42 and $44 11,723 10,480
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $325 and $314 16,648 15,592
Reinsurance recoverable on policy benefits 206 206
Deferred policy acquisition costs 5,532 5,402
Value of business acquired 245 263
Goodwill 15,387 15,400
Other intangible assets 5,578 5,811
Prepaid reinsurance premiums 3,092 2,769
Investments in partially-owned insurance companies 3,006 2,813
Other assets 10,519 8,822
Total assets 199,054 190,774
Liabilities    
Unpaid losses and loss expenses 72,631 67,811
Unearned premiums 19,519 17,652
Future policy benefits 5,890 5,713
Insurance and reinsurance balances payable 7,104 6,708
Securities lending payable 2,368 1,844
Accounts payable, accrued expenses, and other liabilities 15,470 14,052
Deferred tax liabilities 217 892
Repurchase agreements 1,406 1,405
Long-term debt 14,823 14,948
Trust preferred securities 308 308
Total liabilities 139,736 131,333
Commitments and contingencies (refer to Note 7)
Shareholders’ equity    
Common Shares (CHF 24.15 par value; 474,021,114 and 477,605,264 shares issued; 430,876,252 and 450,732,625 shares outstanding) 10,985 11,064
Common Shares in treasury (43,144,862 and 26,872,639 shares) (6,621) (3,644)
Additional Paid in Capital, Common Stock 8,752 9,815
Retained earnings 45,224 39,337
Accumulated other comprehensive income (AOCI) 978 2,869
Total shareholders’ equity 59,318 59,441
Total liabilities and shareholders’ equity $ 199,054 $ 190,774
v3.21.2
Statement of Financial Position (Parentheticals)
$ in Millions
Sep. 30, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
shares
Statement of Financial Position [Abstract]    
Available for sale, at amortized cost $ 89,335 $ 85,188
Debt Securities, Available-for-sale, Allowance for Credit Loss 12 20
Held to maturity, Fair Value 11,119 12,510
Debt Securities, Held-to-maturity, Allowance for Credit Loss 35 44
short-term investments amortized cost 3,529 4,349
Premium Receivable, Allowance for Credit Loss 42 44
Reinsurance Recoverable, Allowance for Credit Loss $ 325 $ 314
Common Shares in treasury, shares | shares 43,144,862 26,872,639
Common Shares, shares issued | shares 474,021,114 477,605,264
Common Shares, shares outstanding | shares 430,876,252 450,732,625
v3.21.2
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Net premiums written $ 10,510 $ 9,078 $ 28,718 $ 25,410
Increase in unearned premiums (510) (313) (1,684) (723)
Net premiums earned 10,000 8,765 27,034 24,687
Net investment income 866 840 2,613 2,528
Realized Investment Gains (Losses) (21) (141) 833 (1,069)
Total revenues 10,845 9,464 30,480 26,146
Expenses        
Losses and loss expenses 6,629 5,835 16,688 16,897
Policy benefits 151 198 503 550
Policy acquisition costs 1,778 1,645 5,141 4,853
Administrative expenses 806 733 2,325 2,201
Interest expense 122 130 366 390
Other (income) expense (763) (485) (2,030) (372)
Amortization of purchased intangibles 71 72 216 217
Total expenses 8,794 8,128 23,209 24,736
Income before income tax 2,051 1,336 7,271 1,410
Income tax expense (includes $(3), $7, $(5), and $(35) on unrealized gains and losses reclassified from AOCI) 218 142 873 295
Net income 1,833 1,194 6,398 1,115
Other comprehensive income (loss)        
Unrealized appreciation (depreciation) (564) 687 (2,151) 1,456
Reclassification adjustment for net realized (gains) losses included in net income 10 (49) (26) 303
Unrealized appreciation (Depreciation) after reclassification adjustment (554) 638 (2,177) 1,759
Change in:        
Cumulative foreign currency translation adjustment (414) 246 (84) (168)
Postretirement benefit liability adjustment 4 (23) (33) (59)
Other comprehensive income (loss), before income tax (964) 861 (2,294) 1,532
Income tax (expense) benefit related to OCI items 120 (103) 403 (295)
Other comprehensive income (loss) (844) 758 (1,891) 1,237
Comprehensive income $ 989 $ 1,952 $ 4,507 $ 2,352
Earnings per share        
Basic earnings per share $ 4.21 $ 2.64 $ 14.42 $ 2.47
Diluted earnings per share $ 4.18 $ 2.63 $ 14.33 $ 2.46
v3.21.2
Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Total net realized gains (losses) reclassified from AOCI $ (10) $ 49 $ 26 $ (303)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ (3) $ 7 $ (5) $ (35)
v3.21.2
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Common shares in treasury [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjusted Balance
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Cumulative Foreign Currency Translation Adjustment [Member]
Postretirement Benefit Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Balance - beginning of period at Dec. 31, 2019   $ 11,121 $ (3,754) $ 11,203 $ 36,142 $ (72) $ 36,070 $ 2,543 $ (1,939) $ 15  
Common Shares repurchased     (326)                
Treasury Stock, Retired, Cost Method, Amount   (57) 323   (266)            
Net shares redeemed under employee share-based compensation plans     216 (195)              
Exercise of stock options       (30)              
Share-based compensation expense       183              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (1,046)              
Net income (loss) $ 1,115       1,115            
Funding of dividends declared from Additional paid-in capital         1,046            
Dividends declared on Common Shares         (1,046)            
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $101, $(102), $395 and $(300)               1,156      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(3), $7, $(5), $(35)               268      
Change in period, net of income tax (expense) benefit of $98, $(95), $390 and $(335)               1,424      
Change in period, net of income tax (expense) benefit of $23, $(13), $7 and $27                 (141)    
Change in period, net of income tax (expense) benefit of $(1), $5, $6 and $13                   (46)  
Balance - end of period at Sep. 30, 2020 56,413 11,064 (3,541) 10,115 36,919     3,967 (2,080) (31) $ 1,856
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax (35)             (35)      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               (335)      
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax               (300)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 27    
Pension liability adjustment, Change in period, income tax (expense) benefit                   13  
Balance - beginning of period at Jun. 30, 2020   11,121 (3,866) 10,416 35,991 0 35,991 3,424 (2,313) (13)  
Common Shares repurchased     0                
Treasury Stock, Retired, Cost Method, Amount   (57) 323   (266)            
Net shares redeemed under employee share-based compensation plans     2 (6)              
Exercise of stock options       (1)              
Share-based compensation expense       59              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (353)              
Net income (loss) 1,194       1,194            
Funding of dividends declared from Additional paid-in capital         353            
Dividends declared on Common Shares         (353)            
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $101, $(102), $395 and $(300)               585      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(3), $7, $(5), $(35)               (42)      
Change in period, net of income tax (expense) benefit of $98, $(95), $390 and $(335)               543      
Change in period, net of income tax (expense) benefit of $23, $(13), $7 and $27                 233    
Change in period, net of income tax (expense) benefit of $(1), $5, $6 and $13                   (18)  
Balance - end of period at Sep. 30, 2020 56,413 11,064 (3,541) 10,115 36,919     3,967 (2,080) (31) 1,856
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax 7             7      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               (95)      
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax               (102)      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 (13)    
Pension liability adjustment, Change in period, income tax (expense) benefit                   5  
Balance - beginning of period at Dec. 31, 2020 59,441 11,064 (3,644) 9,815 39,337 0 39,337 4,673 (1,637) (167)  
Common Shares repurchased     (3,956)                
Treasury Stock, Retired, Cost Method, Amount   (79) 590   (511)            
Net shares redeemed under employee share-based compensation plans     389 (184)              
Exercise of stock options       (45)              
Share-based compensation expense       216              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (1,050)              
Net income (loss) 6,398       6,398            
Funding of dividends declared from Additional paid-in capital         1,050            
Dividends declared on Common Shares         (1,050)            
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $101, $(102), $395 and $(300)               (1,756)      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(3), $7, $(5), $(35)               (31)      
Change in period, net of income tax (expense) benefit of $98, $(95), $390 and $(335)               (1,787)      
Change in period, net of income tax (expense) benefit of $23, $(13), $7 and $27                 (77)    
Change in period, net of income tax (expense) benefit of $(1), $5, $6 and $13                   (27)  
Balance - end of period at Sep. 30, 2021 59,318 10,985 (6,621) 8,752 45,224     2,886 (1,714) (194) 978
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ (5)             (5)      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               390      
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax               395      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 7    
Pension liability adjustment, Change in period, income tax (expense) benefit                   6  
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                    
Balance - beginning of period at Jun. 30, 2021   11,064 (5,772) 9,046 43,902 $ 0 $ 43,902 3,342 (1,323) (197)  
Common Shares repurchased     (1,516)                
Treasury Stock, Retired, Cost Method, Amount   (79) 590   (511)            
Net shares redeemed under employee share-based compensation plans     77 (2)              
Exercise of stock options       (15)              
Share-based compensation expense       69              
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings       (346)              
Net income (loss) $ 1,833       1,833            
Funding of dividends declared from Additional paid-in capital         346            
Dividends declared on Common Shares         (346)            
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $101, $(102), $395 and $(300)               (463)      
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(3), $7, $(5), $(35)               7      
Change in period, net of income tax (expense) benefit of $98, $(95), $390 and $(335)               (456)      
Change in period, net of income tax (expense) benefit of $23, $(13), $7 and $27                 (391)    
Change in period, net of income tax (expense) benefit of $(1), $5, $6 and $13                   3  
Balance - end of period at Sep. 30, 2021 59,318 $ 10,985 $ (6,621) $ 8,752 $ 45,224     2,886 (1,714) (194) $ 978
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax $ (3)             (3)      
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax               98      
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax               $ 101      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax                 $ 23    
Pension liability adjustment, Change in period, income tax (expense) benefit                   $ (1)  
v3.21.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 6,398 $ 1,115
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (833) 1,069
Amortization of premiums/discounts on fixed maturities 242 280
Amortization of purchased intangibles 216 217
Deferred income taxes (268) (287)
Unpaid losses and loss expenses 4,907 5,112
Unearned premiums 2,032 881
Future policy benefits 163 138
Insurance and reinsurance balances payable 408 280
Accounts payable, accrued expenses, and other liabilities 45 190
Income taxes payable 212 (95)
Insurance and reinsurance balances receivable (1,257) (324)
Reinsurance recoverable (1,071) (496)
Deferred policy acquisition costs (208) (77)
Other (2,437) (762)
Net cash flows from operating activities 8,549 7,241
Cash flows from investing activities    
Purchases of fixed maturities available for sale (23,028) (20,793)
Purchases of fixed maturities held to maturity (434) (42)
Purchases of equity securities 799 3,622
Sales of fixed maturities available for sale 5,225 9,537
Sales of equity securities 750 1,526
Maturities and redemptions of fixed maturities available for sale 13,710 8,709
Maturities and redemptions of fixed maturities held to maturity 1,488 841
Net change in short-term investments 809 (434)
Net derivative instruments settlements (66) (74)
Private equity contribution (1,872) (1,056)
Private equity distribution 891 588
Payment, including deposit, for Huatai Group Interest (208) (1,557)
Other (217) (352)
Net cash flows used for investing activities (3,751) (6,729)
Cash flows from financing activities    
Dividends paid on Common Shares (1,056) (1,035)
Common Shares repurchased (3,941) (333)
Proceeds from Issuance of Long-term Debt 0 988
Proceeds from issuance of repurchase agreements 1,405 1,402
Repayment of repurchase agreements (1,405) (1,402)
Proceeds from share-based compensation plans 239 77
Policyholder contract deposits and other 365 322
Policyholder contract withdrawals and other (331) (253)
Proceeds from (Payments for) Other Financing Activities (81) 0
Net cash flows used for financing activities (4,805) (234)
Effect of foreign currency rate changes on cash and restricted cash (33) (51)
Net increase (decrease) in cash and restricted cash (40) 227
Cash and restricted cash - beginning of period 1,836 1,646
Cash and restricted cash - end of period 1,796 1,873
Supplemental cash flow information    
Taxes paid 931 668
Interest paid 316 323
Debt Securities, Held-to-maturity, Allowance for Credit Loss $ 35 $ 45
v3.21.2
General
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General General
a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information.

The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K.

b) Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
September 30December 31
(in millions of U.S. dollars)20212020
Cash$1,620 $1,747 
Restricted cash176 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,796 $1,836 

c) Goodwill
During the nine months ended September 30, 2021, Goodwill decreased $13 million, reflecting the impact of foreign exchange.

d) Accounting guidance not yet adopted
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
v3.21.2
Acquisitions
9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Acquisitions Acquisitions
Cigna’s Life and Accident and Health (A&H) Insurance Business in Asia-Pacific Markets
On October 7, 2021, we entered into a definitive agreement to acquire the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in seven Asia-Pacific markets, including Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia and its interest in a joint venture in Turkey, for $5.75 billion in cash. The transaction is expected to be completed in 2022. The timing of completion is subject to required regulatory approvals and customary closing conditions.

Huatai Group
Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 600 branches and 17 million customers in China. In November 2020, we completed the purchase of an incremental 0.9 percent ownership interest in Huatai Group for approximately $65 million, which was paid in January 2021.

As of September 30, 2021, Chubb's aggregate ownership interest in Huatai Group was approximately 47.1 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations. In 2019, Chubb entered into an agreement to acquire an additional 7.1 percent ownership interest in Huatai Group. In July 2021, Chubb signed an agreement of intent to purchase an additional 6.4 percent ownership interest in Huatai Group. In connection with the agreement, Chubb paid a deposit of approximately $143 million. The purchase of the additional ownership interests is contingent upon important conditions. As Chubb’s ownership interest increases, we will continue to evaluate the appropriateness of consolidation accounting in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, and other applicable regulations.
v3.21.2
Investments
9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
a) Fixed maturities
September 30, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,172 $ $120 $(5)$2,287 
Non-U.S.24,988 (6)1,139 (194)25,927 
Corporate and asset-backed securities37,283 (6)1,596 (157)38,716 
Mortgage-backed securities19,333  695 (65)19,963 
Municipal5,559  236 (3)5,792 
$89,335 $(12)$3,786 $(424)$92,685 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,209 $ $1,209 $38 $ $1,247 
Non-U.S.1,259 (5)1,254 76  1,330 
Corporate and asset-backed securities2,079 (28)2,051 209  2,260 
Mortgage-backed securities1,771 (1)1,770 99 (1)1,868 
Municipal4,232 (1)4,231 183  4,414 
$10,550 $(35)$10,515 $605 $(1)$11,119 
December 31, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,471 $— $199 $— $2,670 
Non-U.S.24,594 (6)1,808 (42)26,354 
Corporate and asset-backed securities34,095 (14)2,322 (72)36,331 
Mortgage-backed securities17,456 — 1,022 (8)18,470 
Municipal6,572 — 304 (2)6,874 
$85,188 $(20)$5,655 $(124)$90,699 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,392 $— $1,392 $60 $— $1,452 
Non-U.S.1,295 (7)1,288 118 (1)1,405 
Corporate and asset-backed securities2,185 (35)2,150 288 — 2,438 
Mortgage-backed securities2,000 (1)1,999 148 (1)2,146 
Municipal4,825 (1)4,824 245 — 5,069 
$11,697 $(44)$11,653 $859 $(2)$12,510 

The following table presents the amortized cost of our Held to Maturity (HTM) securities according to S&P rating:
September 30, 2021December 31, 2020
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,216 21 %$2,511 22 %
AA5,479 52 %6,193 53 %
A2,011 19 %2,138 18 %
BBB815 8 %826 %
BB28  %28 — %
Other1  %— %
Total$10,550 100 %$11,697 100 %
The following table presents fixed maturities by contractual maturity:
September 30December 31
 20212020
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,568 $4,568 $4,760 $4,760 
Due after 1 year through 5 years25,747 25,747 26,227 26,227 
Due after 5 years through 10 years28,117 28,117 27,232 27,232 
Due after 10 years14,290 14,290 14,010 14,010 
72,722 72,722 72,229 72,229 
Mortgage-backed securities19,963 19,963 18,470 18,470 
$92,685 $92,685 $90,699 $90,699 
Held to maturity
Due in 1 year or less$947 $954 $1,231 $1,240 
Due after 1 year through 5 years3,666 3,792 3,592 3,760 
Due after 5 years through 10 years2,498 2,627 3,029 3,228 
Due after 10 years1,634 1,878 1,802 2,136 
8,745 9,251 9,654 10,364 
Mortgage-backed securities1,770 1,868 1,999 2,146 
$10,515 $11,119 $11,653 $12,510 

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. 

b) Gross unrealized loss
Fixed maturities in an unrealized loss position at September 30, 2021 comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase.

The following tables present, for Available for Sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
September 30, 2021Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$231 $(5)$ $ $231 $(5)
Non-U.S.5,704 (147)780 (40)6,484 (187)
Corporate and asset-backed securities6,686 (124)662 (20)7,348 (144)
Mortgage-backed securities5,948 (61)157 (4)6,105 (65)
Municipal
239 (2)8 (1)247 (3)
Total AFS fixed maturities $18,808 $(339)$1,607 $(65)$20,415 $(404)
0 – 12 MonthsOver 12 MonthsTotal
December 31, 2020Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
Non-U.S.$1,628 $(35)$114 $(5)$1,742 $(40)
Corporate and asset-backed securities2,212 (33)593 (14)2,805 (47)
Mortgage-backed securities875 (6)35 (2)910 (8)
Municipal
40 (1)16 (1)56 (2)
Total AFS fixed maturities$4,755 $(75)$758 $(22)$5,513 $(97)

c) Net realized gains (losses)
The following table presents the components of Net realized gains (losses):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Fixed maturities:
Gross realized gains$27 $50 $120 $195 
Gross realized losses(27)(32)(99)(331)
Net (provision for) recovery of expected credit losses1 42 17 (4)
Impairment (1)
(11)(11)(12)(163)
Total fixed maturities $(10)$49 $26 $(303)
Equity securities(42)— 475 119 
Other investments11 31 111 (71)
Foreign exchange106 (222)85 (351)
Investment and embedded derivative instruments(9)9 38 
Fair value adjustments on insurance derivative(59)46 252 (426)
S&P futures(4)(52)(112)(30)
Other derivative instruments(10)(8)(2)
Other(4)(3)(5)(43)
Net realized gains (losses) (pre-tax)$(21)$(141)$833 $(1,069)
(1)Relates to certain securities we intended to sell and securities written to market entering default.

Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
September 30
20212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$(42)$11 $(31)$— $31 $31 
Less: Net gains recognized from sales of securities19  19 34 — 34 
Unrealized gains (losses) recognized for securities still held at reporting date$(61)$11 $(50)$(34)$31 $(3)
Nine Months Ended
September 30
20212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$475 $111 $586 $119 $(71)$48 
Less: Net gains recognized from sales of securities109  109 197 — 197 
Unrealized gains (losses) recognized for securities still held at reporting date$366 $111 $477 $(78)$(71)$(149)

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Available for sale
Valuation allowance for expected credit losses - beginning of period$11 $69 $20 $— 
Impact of adoption of new accounting guidance —  25 
Provision for expected credit loss3 8 183 
Initial allowance for purchased securities with credit deterioration —  
Write-offs charged against the expected credit loss —  (5)
Recovery of expected credit loss(2)(40)(16)(174)
Valuation allowance for expected credit losses - end of period$12 $34 $12 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$37 $51 $44 $— 
Impact of adoption of new accounting guidance —  44 
Provision for expected credit loss  
Recovery of expected credit loss(2)(8)(9)(8)
Valuation allowance for expected credit losses - end of period$35 $45 $35 $45 
d) Alternative investments
Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments:
September 30December 31
 Expected
Liquidation
Period of Underlying Assets
20212020
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,064 $309 $673 $237 
Real Assets
2 to 11 Years
1,092 772 805 598 
Distressed
2 to 8 Years
568 813 358 970 
Private Credit
3 to 8 Years
82 279 88 270 
Traditional
2 to 14 Years
6,616 4,958 4,519 1,125 
Vintage
1 to 2 Years
64  73 — 
Investment fundsNot Applicable282  254 — 
$9,768 $7,131 $6,770 $3,200 

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.
Investment Category: Consists of investments in private equity funds:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real Assetstargeting investments related to hard, physical assets, such as real estate, infrastructure and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private Credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies, such as buyout and growth equity globally
Vintagefunds where the initial fund term has expired

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets
Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at
September 30, 2021 and December 31, 2020 are investments, primarily fixed maturities, totaling $18.82 billion and $19.61 billion, respectively, and cash of $176 million and $89 million, respectively.
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20212020
Trust funds$11,669 $12,305 
Deposits with U.S. regulatory authorities2,418 2,438 
Deposits with non-U.S. regulatory authorities2,858 2,905 
Assets pledged under repurchase agreements1,425 1,462 
Other pledged assets632 584 
Total$19,002 $19,694 
v3.21.2
Fair value measurements
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
a) Fair value hierarchy
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities
We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications or pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing) and may require the use of models to be priced. The lack of market based inputs may increase the potential that an investment's
estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. 

Equity securities
Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments
Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Other investments
Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities, classified within Level 1 and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities.

Securities lending collateral
The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

Investment derivative instruments
Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments
We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in future policy benefit reserves for our guaranteed minimum death benefits (GMDB) and an increase in the fair value liability for our guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets
Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets.
Guaranteed living benefits
The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
September 30, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,786 $501 $ $2,287 
Non-U.S. 25,267 660 25,927 
Corporate and asset-backed securities 36,857 1,859 38,716 
Mortgage-backed securities 19,910 53 19,963 
Municipal 5,792  5,792 
1,786 88,327 2,572 92,685 
Equity securities4,478  79 4,557 
Short-term investments2,012 1,507 10 3,529 
Other investments (1)
292 468  760 
Securities lending collateral 2,368  2,368 
Investment derivative instruments97   97 
Other derivative instruments35   35 
Separate account assets5,225 105  5,330 
Total assets measured at fair value (1)
$13,925 $92,775 $2,661 $109,361 
Liabilities:
Investment derivative instruments$111 $ $ $111 
GLB (2)
  818 818 
Total liabilities measured at fair value$111 $ $818 $929 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $9,768 million, policy loans of $235 million and other investments of $80 million at September 30, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 
December 31, 2020Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,148 $522 $— $2,670 
Non-U.S.— 25,808 546 26,354 
Corporate and asset-backed securities— 34,758 1,573 36,331 
Mortgage-backed securities— 18,410 60 18,470 
Municipal— 6,874 — 6,874 
2,148 86,372 2,179 90,699 
Equity securities3,954 — 73 4,027 
Short-term investments2,866 1,474 4,345 
Other investments (1)
434 438 10 882 
Securities lending collateral— 1,844 — 1,844 
Investment derivative instruments35 — — 35 
Separate account assets4,264 124 — 4,388 
Total assets measured at fair value (1)
$13,701 $90,252 $2,267 $106,220 
Liabilities:
Investment derivative instruments$52 $— $— $52 
Other derivative instruments17 — — 17 
GLB (2)
— — 1,089 1,089 
Total liabilities measured at fair value$69 $— $1,089 $1,158 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

Level 3 financial instruments
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
September 30, 2021December 31, 2020
GLB (1)
$818 $1,089 Actuarial modelLapse rate
3% – 34%
4.6 %
Annuitization rate
0% – 100%
3.5 %
(1)The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.

The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.
The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For the three and nine months ended September 30, 2021 and 2020, no material refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2020 Form 10-K.

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
AssetsLiabilities
Three Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$642 $1,688 $47 $78 $3 $10 $760 
Transfers into Level 322 45      
Transfers out of Level 3     (10) 
Change in Net Unrealized Gains/Losses in OCI(15)2      
Net Realized Gains/Losses(3)  1   59 
Purchases60 272 17 4 7   
Sales(19)(13) (4)   
Settlements(27)(135)(11)    
Other      (1)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $ $ $(1)$ $ $59 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$(15)$ $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$469 $1,369 $60 $64 $$10 $1,372 
Transfers into Level 3— — — — — — 
Transfers out of Level 3— (1)— — — — — 
Change in Net Unrealized Gains/Losses in OCI21 13 — — (1)— — 
Net Realized Gains/Losses— — — (46)
Purchases41 194 — — 
Sales(19)(80)— (3)— — — 
Settlements(19)(54)(1)— (1)— — 
Other— — — — — — (8)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $$— $$— $— $(46)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$20 $12 $— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 322 91      
Transfers out of Level 3(10)(3)   (10) 
Change in Net Unrealized Gains/Losses in OCI(2)14      
Net Realized Gains/Losses 3  8   (252)
Purchases235 681 18 11 10   
Sales(35)(88)(1)(13)   
Settlements(96)(412)(24) (5)  
Other      (19)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $3 $ $5 $ $ $(252)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$2 $17 $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$449 $1,451 $60 $69 $$10 $897 
Transfers into Level 3— 92 — — — — — 
Transfers out of Level 3(16)(73)— — — — — 
Change in Net Unrealized Gains/Losses in OCI(31)— — (1)— — 
Net Realized Gains/Losses(2)(23)— (1)— — 426 
Purchases190 416 14 — — 
Sales(81)(147)— (16)— — — 
Settlements(47)(240)(1)— (7)— — 
Other— — — — — — (5)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $(6)$— $$— $— $426 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$— $(25)$— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.

b) Financial instruments disclosed, but not measured, at fair value
Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2020 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
September 30, 2021Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,195 $52 $ $1,247 $1,209 
Non-U.S. 1,330  1,330 1,254 
Corporate and asset-backed securities 2,260  2,260 2,051 
Mortgage-backed securities 1,868  1,868 1,770 
Municipal
 4,414  4,414 4,231 
Total assets$1,195 $9,924 $ $11,119 $10,515 
Liabilities:
Repurchase agreements$ $1,406 $ $1,406 $1,406 
Long-term debt 16,648  16,648 14,823 
Trust preferred securities 465  465 308 
Total liabilities$ $18,519 $ $18,519 $16,537 
December 31, 2020Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,395 $57 $— $1,452 $1,392 
Non-U.S.— 1,405 — 1,405 1,288 
Corporate and asset-backed securities— 2,438 — 2,438 2,150 
Mortgage-backed securities— 2,146 — 2,146 1,999 
Municipal— 5,069 — 5,069 4,824 
Total assets$1,395 $11,115 $— $12,510 $11,653 
Liabilities:
Repurchase agreements$— $1,405 $— $1,405 $1,405 
Long-term debt— 17,487 — 17,487 14,948 
Trust preferred securities— 473 — 473 308 
Total liabilities$— $19,365 $— $19,365 $16,661 
v3.21.2
Reinsurance (Notes)
9 Months Ended
Sep. 30, 2021
Reinsurance Disclosures [Abstract]  
Reinsurance [Text Block] Reinsurance
Reinsurance recoverable on ceded reinsurance
September 30, 2021December 31, 2020
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$15,550 $269 $14,647 $257 
Reinsurance recoverable on paid losses and loss expenses1,098 56 945 57 
Reinsurance recoverable on losses and loss expenses$16,648 $325 $15,592 $314 
Reinsurance recoverable on policy benefits$206 $4 $206 $
(1)Net of valuation allowance for uncollectible reinsurance.

The increase in reinsurance recoverable on losses and loss expenses was primarily due to higher underlying ceded exposures due to premium growth, unfavorable prior period development in certain lines, crop activity, and catastrophe losses.
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20212020
Valuation allowance for uncollectible reinsurance - beginning of period$314 $316 
Provision for uncollectible reinsurance16 21 
Write-offs charged against the valuation allowance(4)(19)
Foreign exchange revaluation(1)
Valuation allowance for uncollectible reinsurance - end of period$325 $320 
For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2020 Form 10-K.
v3.21.2
Unpaid losses and loss expenses
9 Months Ended
Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] Unpaid losses and loss expenses
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20212020
Gross unpaid losses and loss expenses – beginning of period$67,811 $62,690 
Reinsurance recoverable on unpaid losses beginning of period (1)
(14,647)(14,181)
Net unpaid losses and loss expenses – beginning of period53,164 48,509 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year17,556 17,109 
Prior years (2)
(868)(212)
Total16,688 16,897 
Net losses and loss expenses paid in respect of losses occurring in:
Current year4,771 4,766 
Prior years7,922 7,597 
Total12,693 12,363 
Foreign currency revaluation and other(78)95 
Net unpaid losses and loss expenses – end of period57,081 53,138 
Reinsurance recoverable on unpaid losses (1)
15,550 14,767 
Gross unpaid losses and loss expenses – end of period$72,631 $67,905 
(1)    Net of valuation allowance for uncollectible reinsurance.
(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $87 million and $23 million for the nine months ended September 30, 2021 and 2020, respectively.

Gross and net unpaid losses and loss expenses increased $4,820 million and $3,917 million, respectively, for the nine months ended September 30, 2021, driven by an increase in underlying exposure due to premium growth, crop activity, and net catastrophe losses incurred, partially offset by favorable prior period development.
Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture.


The following table summarizes (favorable) and adverse PPD by segment.
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2021
North America Commercial P&C Insurance$(101)$(56)$(157)$(243)$(197)$(440)
North America Personal P&C Insurance (182)(182) (266)(266)
North America Agricultural Insurance 7 7  5 5 
Overseas General Insurance(13)(15)(28)(8)(201)(209)
Global Reinsurance(4) (4)(26)15 (11)
Corporate43  43 140  140 
Total$(75)$(246)$(321)$(137)$(644)$(781)
2020
North America Commercial P&C Insurance$(255)$55 $(200)$(439)$(12)$(451)
North America Personal P&C Insurance— 48 48 — 48 48 
North America Agricultural Insurance— 18 18 — 
Overseas General Insurance(71)11 (60)(72)(28)(100)
Global Reinsurance(6)— (6)(25)(4)(29)
Corporate54 — 54 339 — 339 
Total$(278)$132 $(146)$(197)$$(189)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance
2021
For the three months ended September 30, 2021, net favorable PPD was $157 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $101 million in long-tail business, primarily from:

Net favorable development of $97 million in our workers' compensation business mainly impacting accident years 2016 and prior, driven by lower than expected loss experience, and related improvements in loss development factors;

Net favorable development of $36 million on large multi-line prospective deals in the 2017 and prior accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium returns of $46 million tied to the loss performance of the particular deals; and

Net adverse development of $31 million in commercial excess and umbrella portfolios, mainly in accident years 2018 and 2019, driven by higher than expected reported loss activity.
Net favorable development of $56 million in short-tail business, primarily from:

Net favorable development of $54 million in our property and marine portfolios, mainly in accident years 2019 and 2020, which experienced lower than expected loss development on catastrophe and non-catastrophe losses.

For the nine months ended September 30, 2021, net favorable PPD was $440 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $243 million in long-tail business, primarily from:

Net favorable development of $255 million in our workers’ compensation business. This included favorable development of $36 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2020 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. The remaining overall favorable development was mainly in accident years 2016 and prior, driven by lower than expected loss experience and related improvements to loss development factors;

Net favorable development of $51 million in professional liability (errors & omissions and cyber), driven by accident years 2016 and 2017, from lower than expected emergence, partly offset by higher than expected development in accident year 2019;

Net favorable development of $40 million in voluntary environmental lines, driven by accident years 2017 and prior, from lower than expected emergence, partly offset by higher than expected development in accident year 2019;

Net favorable development of $37 million in general liability portfolios, driven by lower than expected paid and reported case incurred activity in accident years 2017 and prior, partly offset by higher than expected reported case incurred activity in accident years 2018 and 2019;

Net favorable development of $36 million on large multi-line prospective deals due to the same factors experienced for the three months ended September 30, 2021, as described above;

Net adverse development of $26 million in high deductible general liability coverages, driven by higher than expected loss severities, mainly impacting accident years 2016 through 2020, partly offset by favorable loss development in older accident years;

Net adverse development of $74 million in commercial automobile liability, driven by adverse reported loss experience, mainly impacting accident years 2017 and 2019; and

Net adverse development of $74 million in commercial excess and umbrella portfolios, with accident years 2016 through 2019 experiencing higher than expected reported loss activity, partly offset by lower than expected emergence in accident years 2015 and prior.

Net favorable development of $197 million in short-tail business, primarily from:

Net favorable development of $89 million in surety, mainly in accident years 2018 through 2020, driven by lower than expected loss emergence;

Net favorable development of $83 million in property and marine coverages mainly in accident years 2019 and 2020, driven by lower than expected loss development;

Net favorable development of $46 million in accident and health, mainly in accident years 2019 and 2020, where loss emergence was lower than expected; and
Net adverse development of $41 million in first-party cyber risk, driven by accident years 2019 and 2020, which experienced higher than expected loss development as well as heightened frequency and severity.

2020
For the three months ended September 30, 2020, net favorable PPD was $200 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $255 million in long-tail business, primarily from:

Net favorable development of $155 million in workers' compensation business mainly impacting accident years 2016 and prior, driven by lower than expected paid and reported loss activity, and related updates to loss development factors, partly offset by adverse development in accident year 2019;

Net favorable development of $47 million in commercial excess and umbrella portfolios, driven by accident years 2014 and prior, and accident year 2019. The 2014 and prior development was a function of lower than expected paid and reported loss activity. The development on the 2019 accident year relates to three large policies covering specific perils, which expired in the quarter, with no covered events occurring;

Net favorable development of $41 million on large multi-line prospective deals in the 2016 and prior accident years, due to lower than expected reported loss activity. These structured deals typically cover large clients for multiple product lines and with varying loss limitations; this development is net of premium returns of $26 million tied to the loss performance of the particular deals;

Net favorable development of $40 million in our foreign casualty business, mainly in accident year 2016, due to lower than expected reported loss activity, partly offset by a large loss in accident year 2017; and

Net adverse development of $29 million in assumed general liability and excess lines mainly in accident years 2016 and prior due to higher than expected reported loss activity.

Net adverse development of $55 million in short-tail business, primarily from:

Net adverse development of $35 million in our property portfolios, due to adverse non-catastrophe loss development mainly in accident year 2019, partially offset by favorable catastrophe-driven loss experience; and

Net adverse development of $21 million in our marine portfolios, mainly impacting the 2019 accident year, driven by higher than expected non-catastrophe loss development.

For the nine months ended September 30, 2020, net favorable PPD was $451 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $439 million in long-tail business, primarily from:

Net favorable development of $337 million in workers’ compensation lines. This included favorable development of $62 million related to our annual assessment of multi-claimant events including industrial accidents, in the 2019 accident year. Consistent with prior years, we reviewed these potential exposures after the close of the accident year to allow for late reporting or identification of significant losses. This favorable development in accident year 2019 was partially offset by some higher than expected activity from other claims. The remaining overall favorable development was mainly in accident years 2016 and prior, driven by lower than expected loss experience and related updates to loss development factors;

Net favorable development of $66 million in professional liability (errors & omissions and cyber risk), driven by accident years 2016 and prior, which experienced lower than expected loss emergence;

Net favorable development of $43 million in voluntary environmental lines, in accident years 2016 and prior, due to lower than expected emergence and a related updates to loss development factors;
Net favorable development of $41 million on large multi-line prospective deals due to the same factors experienced for the three months ended September 30, 2020, as described above;

Net favorable development of $40 million in our foreign casualty businesses due to the same factors experienced for the three months ended September 30, 2020, as described above;

Net adverse development of $75 million in commercial automobile liability, mainly in high deductible and excess portfolios, driven by adverse paid and reported loss experience and related updates to loss development factors, mainly in accident years 2015 through 2019; and

Net adverse development of $5 million for U.S. child molestation claims, predominantly reviver statute-related.

Net favorable development of $12 million in short-tail business due to the same factors experienced for the three months ended September 30, 2020, as described above, which was offset by:

Net favorable development of $37 million, in accident and health, mainly in accident years 2018 and 2019, driven by lower than expected paid loss emergence; and

Net favorable development of $31 million in surety, driven by accident year 2018, where loss emergence was lower than expected.

North America Personal P&C Insurance
2021
For the three months ended September 30, 2021, net favorable PPD was $182 million, driven by favorable development of $176 million in homeowners, including valuables, mainly in accident year 2020, which experienced better than expected non-catastrophe loss development.

For the nine months ended September 30, 2021, net favorable PPD was $266 million, driven by favorable development of $216 million in homeowners, including valuables, due to the same factors experienced for the three months ended September 30, 2021 as described above and a favorable $43 million in automobile, predominantly from better than expected frequency results in accident year 2020 for physical damage coverages.

2020
For the three and nine months ended September 30, 2020, net adverse PPD was $48 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net adverse development of $69 million in our homeowners lines, including valuables, mainly in accident years 2017 through 2019 due to higher than expected non-catastrophe loss emergence and adverse development arising from natural catastrophes in accident years 2017 and 2018; and

Net favorable development of $22 million in our personal excess lines, driven by favorable development mainly in the 2017 accident year, partly offset by adverse development in accident year 2019.

Overseas General Insurance
2021
For the three months ended September 30, 2021, net favorable PPD was $28 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $15 million in short-tail business, primarily from favorable claim development in surety in accident years 2018 through 2020.

Net favorable development of $13 million in long-tail business, primarily from:

Net favorable development of $72 million in casualty lines, including favorable development of $97 million in accident years 2017 and prior, due to lower than expected loss emergence across primary and excess lines in Continental Europe and U.K., partially offset by adverse development of $25 million in accident years 2018 through 2020, primarily due to higher than expected loss development and corresponding changes in loss development patterns on business in Asia Pacific;
Net favorable development of $24 million in other long tail lines including Environmental and Political Risks, primarily in accident years 2017 and prior; and

Net adverse development of $84 million in financial lines, with adverse development primarily in accident years 2011 through 2020 in Directors and Officers (D&O) on specific claims in Australia, and U.K., and adverse professional indemnity development, including medical malpractice, in various regions.

For the nine months ended September 30, 2021, net favorable PPD was $209 million, primarily from:

Net favorable development of $201 million in short-tail business, primarily from:

Net favorable development of $55 million in accident and health lines, mainly due to favorable loss development across all regions in accident years 2019 and 2020;

Net favorable development of $54 million in property lines, in accident years 2019 and 2020, including a $21 million favorable reduction in COVID-19 estimates in accident year 2020. The remaining favorable development was across most regions in accident years 2019 and 2020; and

Net favorable development of $35 million in marine lines in accident years 2018 through 2020, driven by favorable loss development, specific claim reductions, and salvage and subrogation recoveries in Continental Europe and Asia Pacific.

2020
For the three months ended September 30, 2020, net favorable PPD was $60 million, which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes:

Net favorable development of $71 million in long-tail business, primarily from:

Net favorable development of $94 million in casualty lines, including favorable development of $143 million in accident years 2016 and prior, due to lower than expected loss emergence across primary and excess lines in Continental Europe, U.K., and Asia Pacific, partially offset by adverse development of $49 million in accident years 2017 through 2019, primarily due to adverse large loss experience in the U.K. and Asia Pacific;

Net favorable development of $22 million in political risks, driven by benign loss experience in 2018 and 2019; and

Net adverse development of $57 million in financial lines, with adverse development of $125 million in accident years 2016 through 2019, primarily due to adverse large loss experience in D&O in the U.K. and Asia Pacific. This was partially offset by favorable development of $68 million in accident years 2015 and prior, primarily from favorable case-specific settlements within Continental Europe and Asia Pacific financial institutions.

For the nine months ended September 30, 2020, net favorable PPD was $100 million, which was the net result of several underlying favorable and adverse movements and was driven by the following principal changes:

Net favorable development of $72 million in long-tail lines due to the same factors experienced for the three months ended September 30, 2020 described above; and

Net favorable development of $28 million in short-tail business, including $22 million in marine lines across all regions mainly in accident years 2017 and 2018.

Global Reinsurance
2020
For the three and nine months ended September 30, 2020, net favorable PPD was $6 million and $29 million, respectively, which was the net result of several underlying favorable and adverse movements, none of which is significant individually or in the aggregate.
Corporate
2021
For the three months ended September 30, 2021, net adverse development was $43 million, driven principally by development in environmental liabilities of $33 million due to certain case specific incurred activity.

For the nine months ended September 30, 2021, net adverse development was $140 million, driven by adverse development of $68 million for molestation claims, as well as the adverse development noted above regarding environmental liabilities. The remainder of the adverse development was driven by increased claim costs on non-A&E run-off workers’ compensation exposures, and charges relating to unallocated loss adjustment expenses incurred.

2020
For the three months ended September 30, 2020, net adverse development was $54 million, driven principally by development in environmental liabilities of $35 million due to certain case specific incurred activity.

For the nine months ended September 30, 2020 net adverse development was $339 million, driven by adverse development of $254 million for U.S. child molestation claims, predominantly reviver statute-related, as well as the adverse development noted above regarding environmental liabilities. The remainder of the adverse development was driven by increased claim costs on a limited number of non-A&E run-off casualty and workers’ compensation exposures, and charges relating to unallocated loss adjustment expenses due to run-off operating expenses.
v3.21.2
Commitments, contingencies, and guarantees
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees
a) Derivative instruments
Foreign currency management
As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions.

Derivative instruments employed
Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP), convertible bonds are recorded in Fixed maturities available for sale (FM AFS), and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs, principally GMIB, associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument and is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business.

All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes.
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
September 30, 2021December 31, 2020
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
  instruments:
Foreign currency forward contractsOA / (AP)$22 $(89)$4,235 $22 $(49)$2,807 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)75 (22)13,005 13 (3)1,749 
Convertible securities (1)
FM AFS / ES12  13 — 11 
$109 $(111)$17,253 $44 $(52)$4,567 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$35 $ $867 $— $(17)$709 
OtherOA / (AP)  157 — — 16 
$35 $ $1,024 $— $(17)$725 
GLB (3)
(AP)$ $(818)$1,539 $— $(1,089)$1,658 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.

At September 30, 2021 and December 31, 2020, net derivative assets of $22 million and net derivative liabilities of $30 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Investment and embedded derivative instruments:
Foreign currency forward contracts$(15)$— $(37)$53 
All other futures contracts, options, and equities6 45 (15)
Convertible securities (1)
 — 1 — 
Total investment and embedded derivative instruments$(9)$$9 $38 
GLB and other derivative instruments:
GLB$(59)$46 $252 $(426)
Futures contracts on equities (2)
(4)(52)(112)(30)
Other(10)(8)(2)
Total GLB and other derivative instruments$(73)$(5)$132 $(458)
$(82)$$141 $(420)
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB book of business.

b) Derivative instrument objectives
(i) Foreign currency exposure management
A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.
(ii) Duration management and market exposure
Futures
Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes, and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in future policy benefit reserves for GMDB and an increase in the fair value liability for GLB reinsurance business.

Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, expected volatility, time to expiration, and supply and demand.

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Interest rate swaps
An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted.

Cross-currency swaps
Cross-currency swaps are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. We use cross-currency swaps to reduce the foreign currency and interest rate risk by converting cash flows back into local currency. We invest in foreign currency denominated investments to improve credit diversification and also to obtain better duration matching to our liabilities that is limited in the local currency market.

Other
Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments
A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.
(iv) TBA
By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) GLB
Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. The GLB is accounted for as a derivative and is recorded at fair value. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable.

To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses).

c) Securities lending and secured borrowings
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2021December 31, 2020
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,402 $551 
U.S. Treasury / Agency119 148 
Non-U.S.833 1,032 
Corporate and asset-backed securities11 30 
Mortgage-backed securities1 
States, municipalities, and political subdivisions1 — 
Equity securities1 79 
$2,368 $1,844 
Gross amount of recognized liability for securities lending payable$2,368 $1,844 

At September 30, 2021 and December 31, 2020, our repurchase agreement obligations of $1,406 million and $1,405 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.  
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2021December 31, 2020
30-90 DaysGreater than
90 Days
Total30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$ $ $ $— $$
U.S. Treasury / Agency 104 104 — 106 106 
Mortgage-backed securities475 846 1,321 481 871 1,352 
$475 $950 $1,425 $481 $981 $1,462 
Gross amount of recognized liabilities for repurchase agreements$1,406 $1,405 
Difference (1)
$19 $57 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

d) Fixed maturities
At September 30, 2021, we have commitments to purchase fixed income securities of $825 million over the next several years.

e) Other investments
At September 30, 2021, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $9.5 billion. In connection with these investments, we have commitments that may require funding of up to $7.1 billion over the next several years. At December 31, 2020, these investments had a carrying value of $6.5 billion with a commitment that may require funding of up to $3.2 billion.

f) Income taxes
At September 30, 2021, $62 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

g) Legal proceedings
Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.
h) Leases
At September 30, 2021 and December 31, 2020, the right-of-use asset was $434 million and $473 million, respectively, recorded within Other assets on the Consolidated balance sheets and the lease liability was $472 million and $517 million, respectively, which was recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.
v3.21.2
Shareholders' equity
9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At September 30, 2021, our Common Shares had a par value of CHF 24.15 per share.

At our May 2021 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.20 per share, expected to be paid in four quarterly installments of $0.80 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2022 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2020 and 2019 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.12 per share and $3.00 per share, respectively, which were paid in four quarterly installments of $0.78 per share and $0.75 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

Three Months EndedNine Months Ended
September 30September 30
2021202020212020
CHFUSDCHFUSDCHFUSDCHFUSD
Total dividend distributions per common share0.73 $0.80 0.71 $0.78 2.14 $2.38 2.18 $2.31 

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2021 annual general meeting, our shareholders approved the cancellation of 3,584,150 shares purchased under our share repurchase program during 2020. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective August 4, 2021. During the nine months ended September 30, 2021, 22,877,400 shares were repurchased, 3,584,150 shares were canceled, and 3,021,027 net shares were issued under employee share-based compensation plans. At September 30, 2021, 43,144,862 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations
The Board has authorized share repurchase programs as follows:

$1.5 billion of Chubb Common Shares from November 21, 2019 through December 31, 2020
$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021

In February 2021, the Board approved an increase to the November 2020 share repurchase program of $1.0 billion to a total of $2.5 billion, effective through December 31, 2021. On July 19, 2021, the Board authorized a one-time incremental share repurchase program of up to $5.0 billion through June 30, 2022. The $2.5 billion share repurchase authorization was used prior to the $5.0 billion share repurchase authorization.
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Three Months EndedNine Months EndedOctober 1, 2021 through October 27, 2021
September 30September 30
(in millions of U.S. dollars, except share data)2021202020212020
Number of shares repurchased8,412,000 — 22,877,400 2,266,150 167,700 
Cost of shares repurchased$1,516 $— $3,956 $326 $29 
Repurchase authorization remaining at end of period$3,551 $1,124 $3,551 $1,124 $3,522 
v3.21.2
Share-based compensation
9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 25, 2021, Chubb granted 1,790,057 stock options with a weighted-average grant date fair value of $33.05 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3-year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 25, 2021, Chubb granted 848,762 service-based restricted stock awards, 324,142 service-based restricted stock units, and 284,766 performance-based stock awards to employees and officers with a grant date fair value of $164.94 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

In May 2021, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP). Under the Amended 2016 LTIP, the number of Common Shares available for delivery increased by 13.4 million. This is in addition to any shares that remain available for delivery since the initial establishment of the 2016 LTIP, plus any shares covered by outstanding awards granted under the ACE Limited 2004 Long-Term Incentive Plan that are forfeited, expired or canceled after the effective date of the Amended 2016 LTIP.
v3.21.2
Postretirement benefits
9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Compensation and Employee Benefit Plans [Text Block] Postretirement benefits
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2021202020212020
Three Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $— $$1 $— 
Non-service cost (benefit):
Interest cost18 5 24 1 
Expected return on plan assets(64)(10)(56)(11)(1)(1)
Amortization of net actuarial loss  — —  — 
Amortization of prior service cost (1)
  —  (20)
Settlements1  —  — 
Total non-service cost (benefit)(45)(5)(31)(4) (20)
Net periodic benefit cost (benefit)$(45)$(4)$(31)$(3)$1 $(20)
(1)     At June 30, 2021, the remaining prior service cost amortization related to the 2016 harmonization of our U.S. retirement program was fully amortized. Refer to Note 13 to the Consolidated Financial Statements of our 2020 Form 10-K for additional information.

Pension Benefit PlansOther Postretirement
Benefit Plans
2021202020212020
Nine Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $3 $— $$1 $— 
Non-service cost (benefit):
Interest cost53 14 74 17 1 
Expected return on plan assets(191)(32)(168)(32)(1)(3)
Amortization of net actuarial loss 2 —  — 
Amortization of prior service cost  — (26)(60)
Settlements1  —  — 
Total non-service cost (benefit)(137)(16)(91)(13)(26)(61)
Net periodic benefit cost (benefit)$(137)$(13)$(91)$(10)$(25)$(61)
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
Three Months Ended September 302021202020212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses1 1 — 
Total service cost1 1 — 
Non-service cost (benefit):
Losses and loss expenses(5)(3) (2)
Administrative expenses(45)(32) (18)
Total non-service cost (benefit)(50)(35) (20)
Net periodic benefit cost (benefit)$(49)$(34)$1 $(20)

Pension Benefit PlansOther Postretirement
Benefit Plans
Nine Months Ended September 302021202020212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses3 1 — 
Total service cost3 1 — 
Non-service cost (benefit):
Losses and loss expenses(14)(9)(3)(6)
Administrative expenses(139)(95)(23)(55)
Total non-service cost (benefit)(153)(104)(26)(61)
Net periodic benefit cost (benefit)$(150)$(101)$(25)$(61)
v3.21.2
Other Income and Expenses
9 Months Ended
Sep. 30, 2021
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure Other income and expense
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Equity in net income (loss) of partially-owned entities (1)
$802 $479 $2,073 $435 
Gains (losses) from fair value changes in separate account assets (2)
(24)24 (5)
Federal excise and capital taxes(5)(4)(15)(16)
Other(10)(14)(23)(55)
Total$763 $485 $2,030 $372 
(1)     Principally comprises our share of operating income and mark-to-market movement on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $40 million and $144 million for the three and nine months ended September 30, 2021, respectively, compared to $37 million and $86 million, respectively, for the prior year periods.
(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
Other income and expense includes equity in net income of partially-owned entities, which includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) and partially-owned insurance companies. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.
v3.21.2
Segment information
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment information Segment information
Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures.

Management uses underwriting income (loss) as the basis for segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Our main measure of segment performance is Segment income (loss), which also includes Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

Policy benefits include gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits.

Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income.
The following tables present the Statement of Operations by segment:
For the Three Months Ended
September 30, 2021
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$4,369 $1,300 $1,415 $2,596 $221 $609 $ $ $10,510 
Net premiums earned3,954 1,244 1,338 2,664 211 589   10,000 
Losses and loss expenses2,754 846 1,138 1,487 192 179 43 (10)6,629 
Policy benefits     175  (24)151 
Policy acquisition costs537 254 61 703 55 168   1,778 
Administrative expenses273 73 4 266 9 82 99  806 
Underwriting income (loss)390 71 135 208 (45)(15)(142)34 636 
Net investment income (loss)507 60 6 157 99 102 (10)(55)866 
Other (income) expense(1)
8 1    (19)(722)(31)(763)
Amortization expense of
   purchased intangibles
 2 7 11  2 49  71 
Segment income$889 $128 $134 $354 $54 $104 $521 $10 $2,194 
Net realized gains (losses)(11)(10)(21)
Interest expense122  122 
Income tax expense218  218 
Net income$170 $ $1,833 
(1)Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.

For the Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,778 $1,285 $986 $2,238 $181 $610 $— $— $9,078 
Net premiums earned3,456 1,231 971 2,337 171 599 — — 8,765 
Losses and loss expenses2,444 961 845 1,192 154 183 55 5,835 
Policy benefits— — — — — 174 — 24 198 
Policy acquisition costs489 248 56 637 40 175 — — 1,645 
Administrative expenses243 65 260 80 71 — 733 
Underwriting income (loss)280 (43)65 248 (32)(13)(126)(25)354 
Net investment income (loss)510 64 130 85 95 (19)(32)840 
Other (income) expense— — (23)(415)(56)(485)
Amortization expense of
   purchased intangibles
— 10 — 52 — 72 
Segment income$783 $18 $65 $367 $53 $104 $218 $(1)$1,607 
Net realized gains (losses)(142)(141)
Interest expense130 — 130 
Income tax expense142 — 142 
Net income (loss)$(196)$— $1,194 
For the Nine Months Ended
September 30, 2021
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$12,318 $3,761 $2,110 $7,983 $702 $1,844 $ $ $28,718 
Net premiums earned11,431 3,652 1,858 7,721 583 1,789   27,034 
Losses and loss expenses7,740 2,341 1,554 3,936 422 562 141 (8)16,688 
Policy benefits     508  (5)503 
Policy acquisition costs1,540 746 100 2,070 147 538   5,141 
Administrative expenses772 200 10 811 27 247 258  2,325 
Underwriting income (loss)1,379 365 194 904 (13)(66)(399)13 2,377 
Net investment income (loss)1,582 189 21 447 250 301 (42)(135)2,613 
Other (income) expense24 (3) 3  (79)(1,845)(130)(2,030)
Amortization expense of
   purchased intangibles
 8 20 36  4 148  216 
Segment income$2,937 $549 $195 $1,312 $237 $310 $1,256 $8 $6,804 
Net realized gains (losses)841 (8)833 
Interest expense366  366 
Income tax expense873  873 
Net income$858 $ $6,398 

For the Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$10,750 $3,719 $1,604 $6,857 $606 $1,874 $— $— $25,410 
Net premiums earned10,427 3,623 1,441 6,838 520 1,838 — — 24,687 
Losses and loss expenses8,123 2,406 1,223 3,935 314 556 342 (2)16,897 
Policy benefits— — — — — 542 — 550 
Policy acquisition costs1,452 724 96 1,903 127 551 — — 4,853 
Administrative expenses751 199 12 759 28 238 214 — 2,201 
Underwriting income (loss)101 294 110 241 51 (49)(556)(6)186 
Net investment income (loss)1,544 195 23 396 214 285 (65)(64)2,528 
Other (income) expense19 10 (52)(283)(72)(372)
Amortization expense of
   purchased intangibles
— 20 33 — 153 — 217 
Segment income (loss)$1,626 $477 $112 $594 $264 $285 $(491)$$2,869 
Net realized gains (losses)(1,067)(2)(1,069)
Interest expense390 — 390 
Income tax expense295 — 295 
Net income (loss)$(2,243)$— $1,115 

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Future policy benefits, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
v3.21.2
Earnings per share
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except share and per share data)2021202020212020
Numerator:
Net income$1,833 $1,194 $6,398 $1,115 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding435,318,088 451,794,046 443,595,026 451,683,093 
Denominator for diluted earnings per share:
Share-based compensation plans3,123,550 1,471,434 3,032,989 1,894,699 
Weighted-average shares outstanding and assumed conversions
438,441,638 453,265,480 446,628,015 453,577,792 
Basic earnings per share$4.21 $2.64 $14.42 $2.47 
Diluted earnings per share$4.18 $2.63 $14.33 $2.46 
Potential anti-dilutive share conversions1,758,853 7,053,316 1,439,882 6,767,727 

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods.
v3.21.2
General (Policies)
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 12 for additional information.

The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
September 30December 31
(in millions of U.S. dollars)20212020
Cash$1,620 $1,747 
Restricted cash176 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,796 $1,836 
Accounting guidance not yet adopted Accounting guidance not yet adopted
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.
v3.21.2
Fair value measurements Fair Value Measurement Policy (Policies)
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy [Policy Text Block]
Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as
interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and
Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants
would use in pricing an asset or liability.
v3.21.2
General General (Tables)
9 Months Ended
Sep. 30, 2021
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents [Table Text Block]
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
September 30December 31
(in millions of U.S. dollars)20212020
Cash$1,620 $1,747 
Restricted cash176 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,796 $1,836 
v3.21.2
Investments (Tables)
9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities
September 30, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,172 $ $120 $(5)$2,287 
Non-U.S.24,988 (6)1,139 (194)25,927 
Corporate and asset-backed securities37,283 (6)1,596 (157)38,716 
Mortgage-backed securities19,333  695 (65)19,963 
Municipal5,559  236 (3)5,792 
$89,335 $(12)$3,786 $(424)$92,685 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,209 $ $1,209 $38 $ $1,247 
Non-U.S.1,259 (5)1,254 76  1,330 
Corporate and asset-backed securities2,079 (28)2,051 209  2,260 
Mortgage-backed securities1,771 (1)1,770 99 (1)1,868 
Municipal4,232 (1)4,231 183  4,414 
$10,550 $(35)$10,515 $605 $(1)$11,119 
December 31, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,471 $— $199 $— $2,670 
Non-U.S.24,594 (6)1,808 (42)26,354 
Corporate and asset-backed securities34,095 (14)2,322 (72)36,331 
Mortgage-backed securities17,456 — 1,022 (8)18,470 
Municipal6,572 — 304 (2)6,874 
$85,188 $(20)$5,655 $(124)$90,699 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,392 $— $1,392 $60 $— $1,452 
Non-U.S.1,295 (7)1,288 118 (1)1,405 
Corporate and asset-backed securities2,185 (35)2,150 288 — 2,438 
Mortgage-backed securities2,000 (1)1,999 148 (1)2,146 
Municipal4,825 (1)4,824 245 — 5,069 
$11,697 $(44)$11,653 $859 $(2)$12,510 
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
September 30, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,172 $ $120 $(5)$2,287 
Non-U.S.24,988 (6)1,139 (194)25,927 
Corporate and asset-backed securities37,283 (6)1,596 (157)38,716 
Mortgage-backed securities19,333  695 (65)19,963 
Municipal5,559  236 (3)5,792 
$89,335 $(12)$3,786 $(424)$92,685 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,209 $ $1,209 $38 $ $1,247 
Non-U.S.1,259 (5)1,254 76  1,330 
Corporate and asset-backed securities2,079 (28)2,051 209  2,260 
Mortgage-backed securities1,771 (1)1,770 99 (1)1,868 
Municipal4,232 (1)4,231 183  4,414 
$10,550 $(35)$10,515 $605 $(1)$11,119 
December 31, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,471 $— $199 $— $2,670 
Non-U.S.24,594 (6)1,808 (42)26,354 
Corporate and asset-backed securities34,095 (14)2,322 (72)36,331 
Mortgage-backed securities17,456 — 1,022 (8)18,470 
Municipal6,572 — 304 (2)6,874 
$85,188 $(20)$5,655 $(124)$90,699 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,392 $— $1,392 $60 $— $1,452 
Non-U.S.1,295 (7)1,288 118 (1)1,405 
Corporate and asset-backed securities2,185 (35)2,150 288 — 2,438 
Mortgage-backed securities2,000 (1)1,999 148 (1)2,146 
Municipal4,825 (1)4,824 245 — 5,069 
$11,697 $(44)$11,653 $859 $(2)$12,510 
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block]
The following table presents the amortized cost of our Held to Maturity (HTM) securities according to S&P rating:
September 30, 2021December 31, 2020
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,216 21 %$2,511 22 %
AA5,479 52 %6,193 53 %
A2,011 19 %2,138 18 %
BBB815 8 %826 %
BB28  %28 — %
Other1  %— %
Total$10,550 100 %$11,697 100 %
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
September 30December 31
 20212020
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,568 $4,568 $4,760 $4,760 
Due after 1 year through 5 years25,747 25,747 26,227 26,227 
Due after 5 years through 10 years28,117 28,117 27,232 27,232 
Due after 10 years14,290 14,290 14,010 14,010 
72,722 72,722 72,229 72,229 
Mortgage-backed securities19,963 19,963 18,470 18,470 
$92,685 $92,685 $90,699 $90,699 
Held to maturity
Due in 1 year or less$947 $954 $1,231 $1,240 
Due after 1 year through 5 years3,666 3,792 3,592 3,760 
Due after 5 years through 10 years2,498 2,627 3,029 3,228 
Due after 10 years1,634 1,878 1,802 2,136 
8,745 9,251 9,654 10,364 
Mortgage-backed securities1,770 1,868 1,999 2,146 
$10,515 $11,119 $11,653 $12,510 
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
The following tables present, for Available for Sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
September 30, 2021Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$231 $(5)$ $ $231 $(5)
Non-U.S.5,704 (147)780 (40)6,484 (187)
Corporate and asset-backed securities6,686 (124)662 (20)7,348 (144)
Mortgage-backed securities5,948 (61)157 (4)6,105 (65)
Municipal
239 (2)8 (1)247 (3)
Total AFS fixed maturities $18,808 $(339)$1,607 $(65)$20,415 $(404)
0 – 12 MonthsOver 12 MonthsTotal
December 31, 2020Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
Non-U.S.$1,628 $(35)$114 $(5)$1,742 $(40)
Corporate and asset-backed securities2,212 (33)593 (14)2,805 (47)
Mortgage-backed securities875 (6)35 (2)910 (8)
Municipal
40 (1)16 (1)56 (2)
Total AFS fixed maturities$4,755 $(75)$758 $(22)$5,513 $(97)
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Fixed maturities:
Gross realized gains$27 $50 $120 $195 
Gross realized losses(27)(32)(99)(331)
Net (provision for) recovery of expected credit losses1 42 17 (4)
Impairment (1)
(11)(11)(12)(163)
Total fixed maturities $(10)$49 $26 $(303)
Equity securities(42)— 475 119 
Other investments11 31 111 (71)
Foreign exchange106 (222)85 (351)
Investment and embedded derivative instruments(9)9 38 
Fair value adjustments on insurance derivative(59)46 252 (426)
S&P futures(4)(52)(112)(30)
Other derivative instruments(10)(8)(2)
Other(4)(3)(5)(43)
Net realized gains (losses) (pre-tax)$(21)$(141)$833 $(1,069)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
Gain (Loss) on Securities [Table Text Block]
Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
September 30
20212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$(42)$11 $(31)$— $31 $31 
Less: Net gains recognized from sales of securities19  19 34 — 34 
Unrealized gains (losses) recognized for securities still held at reporting date$(61)$11 $(50)$(34)$31 $(3)
Nine Months Ended
September 30
20212020
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsTotalEquity SecuritiesOther InvestmentsTotal
Net gains (losses) recognized during the period$475 $111 $586 $119 $(71)$48 
Less: Net gains recognized from sales of securities109  109 197 — 197 
Unrealized gains (losses) recognized for securities still held at reporting date$366 $111 $477 $(78)$(71)$(149)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Available for sale
Valuation allowance for expected credit losses - beginning of period$11 $69 $20 $— 
Impact of adoption of new accounting guidance —  25 
Provision for expected credit loss3 8 183 
Initial allowance for purchased securities with credit deterioration —  
Write-offs charged against the expected credit loss —  (5)
Recovery of expected credit loss(2)(40)(16)(174)
Valuation allowance for expected credit losses - end of period$12 $34 $12 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$37 $51 $44 $— 
Impact of adoption of new accounting guidance —  44 
Provision for expected credit loss  
Recovery of expected credit loss(2)(8)(9)(8)
Valuation allowance for expected credit losses - end of period$35 $45 $35 $45 
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Available for sale
Valuation allowance for expected credit losses - beginning of period$11 $69 $20 $— 
Impact of adoption of new accounting guidance —  25 
Provision for expected credit loss3 8 183 
Initial allowance for purchased securities with credit deterioration —  
Write-offs charged against the expected credit loss —  (5)
Recovery of expected credit loss(2)(40)(16)(174)
Valuation allowance for expected credit losses - end of period$12 $34 $12 $34 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$37 $51 $44 $— 
Impact of adoption of new accounting guidance —  44 
Provision for expected credit loss  
Recovery of expected credit loss(2)(8)(9)(8)
Valuation allowance for expected credit losses - end of period$35 $45 $35 $45 
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]
September 30December 31
 Expected
Liquidation
Period of Underlying Assets
20212020
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,064 $309 $673 $237 
Real Assets
2 to 11 Years
1,092 772 805 598 
Distressed
2 to 8 Years
568 813 358 970 
Private Credit
3 to 8 Years
82 279 88 270 
Traditional
2 to 14 Years
6,616 4,958 4,519 1,125 
Vintage
1 to 2 Years
64  73 — 
Investment fundsNot Applicable282  254 — 
$9,768 $7,131 $6,770 $3,200 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20212020
Trust funds$11,669 $12,305 
Deposits with U.S. regulatory authorities2,418 2,438 
Deposits with non-U.S. regulatory authorities2,858 2,905 
Assets pledged under repurchase agreements1,425 1,462 
Other pledged assets632 584 
Total$19,002 $19,694 
v3.21.2
Fair value measurements (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Financial Instruments Measured At Fair Value On A Recurring Basis
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
September 30, 2021Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$1,786 $501 $ $2,287 
Non-U.S. 25,267 660 25,927 
Corporate and asset-backed securities 36,857 1,859 38,716 
Mortgage-backed securities 19,910 53 19,963 
Municipal 5,792  5,792 
1,786 88,327 2,572 92,685 
Equity securities4,478  79 4,557 
Short-term investments2,012 1,507 10 3,529 
Other investments (1)
292 468  760 
Securities lending collateral 2,368  2,368 
Investment derivative instruments97   97 
Other derivative instruments35   35 
Separate account assets5,225 105  5,330 
Total assets measured at fair value (1)
$13,925 $92,775 $2,661 $109,361 
Liabilities:
Investment derivative instruments$111 $ $ $111 
GLB (2)
  818 818 
Total liabilities measured at fair value$111 $ $818 $929 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $9,768 million, policy loans of $235 million and other investments of $80 million at September 30, 2021 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
 
December 31, 2020Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency$2,148 $522 $— $2,670 
Non-U.S.— 25,808 546 26,354 
Corporate and asset-backed securities— 34,758 1,573 36,331 
Mortgage-backed securities— 18,410 60 18,470 
Municipal— 6,874 — 6,874 
2,148 86,372 2,179 90,699 
Equity securities3,954 — 73 4,027 
Short-term investments2,866 1,474 4,345 
Other investments (1)
434 438 10 882 
Securities lending collateral— 1,844 — 1,844 
Investment derivative instruments35 — — 35 
Separate account assets4,264 124 — 4,388 
Total assets measured at fair value (1)
$13,701 $90,252 $2,267 $106,220 
Liabilities:
Investment derivative instruments$52 $— $— $52 
Other derivative instruments17 — — 17 
GLB (2)
— — 1,089 1,089 
Total liabilities measured at fair value$69 $— $1,089 $1,158 
(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.
(2)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations
The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes).
(in millions of U.S. dollars, except for percentages)Fair ValueValuation
Technique
Significant
Unobservable Inputs
Ranges
Weighted Average (1)
September 30, 2021December 31, 2020
GLB (1)
$818 $1,089 Actuarial modelLapse rate
3% – 34%
4.6 %
Annuitization rate
0% – 100%
3.5 %
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
AssetsLiabilities
Three Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$642 $1,688 $47 $78 $3 $10 $760 
Transfers into Level 322 45      
Transfers out of Level 3     (10) 
Change in Net Unrealized Gains/Losses in OCI(15)2      
Net Realized Gains/Losses(3)  1   59 
Purchases60 272 17 4 7   
Sales(19)(13) (4)   
Settlements(27)(135)(11)    
Other      (1)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $ $ $(1)$ $ $59 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$(15)$ $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$469 $1,369 $60 $64 $$10 $1,372 
Transfers into Level 3— — — — — — 
Transfers out of Level 3— (1)— — — — — 
Change in Net Unrealized Gains/Losses in OCI21 13 — — (1)— — 
Net Realized Gains/Losses— — — (46)
Purchases41 194 — — 
Sales(19)(80)— (3)— — — 
Settlements(19)(54)(1)— (1)— — 
Other— — — — — — (8)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $$— $$— $— $(46)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$20 $12 $— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 322 91      
Transfers out of Level 3(10)(3)   (10) 
Change in Net Unrealized Gains/Losses in OCI(2)14      
Net Realized Gains/Losses 3  8   (252)
Purchases235 681 18 11 10   
Sales(35)(88)(1)(13)   
Settlements(96)(412)(24) (5)  
Other      (19)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $3 $ $5 $ $ $(252)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$2 $17 $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$449 $1,451 $60 $69 $$10 $897 
Transfers into Level 3— 92 — — — — — 
Transfers out of Level 3(16)(73)— — — — — 
Change in Net Unrealized Gains/Losses in OCI(31)— — (1)— — 
Net Realized Gains/Losses(2)(23)— (1)— — 426 
Purchases190 416 14 — — 
Sales(81)(147)— (16)— — — 
Settlements(47)(240)(1)— (7)— — 
Other— — — — — — (5)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $(6)$— $$— $— $426 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$— $(25)$— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3):
AssetsLiabilities
Three Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$642 $1,688 $47 $78 $3 $10 $760 
Transfers into Level 322 45      
Transfers out of Level 3     (10) 
Change in Net Unrealized Gains/Losses in OCI(15)2      
Net Realized Gains/Losses(3)  1   59 
Purchases60 272 17 4 7   
Sales(19)(13) (4)   
Settlements(27)(135)(11)    
Other      (1)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $ $ $(1)$ $ $59 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$(15)$ $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
  AssetsLiabilities
Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$469 $1,369 $60 $64 $$10 $1,372 
Transfers into Level 3— — — — — — 
Transfers out of Level 3— (1)— — — — — 
Change in Net Unrealized Gains/Losses in OCI21 13 — — (1)— — 
Net Realized Gains/Losses— — — (46)
Purchases41 194 — — 
Sales(19)(80)— (3)— — — 
Settlements(19)(54)(1)— (1)— — 
Other— — — — — — (8)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $$— $$— $— $(46)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$20 $12 $— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2021
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$546 $1,573 $60 $73 $5 $10 $1,089 
Transfers into Level 322 91      
Transfers out of Level 3(10)(3)   (10) 
Change in Net Unrealized Gains/Losses in OCI(2)14      
Net Realized Gains/Losses 3  8   (252)
Purchases235 681 18 11 10   
Sales(35)(88)(1)(13)   
Settlements(96)(412)(24) (5)  
Other      (19)
Balance, end of period$660 $1,859 $53 $79 $10 $ $818 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$ $3 $ $5 $ $ $(252)
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$2 $17 $ $ $ $ $ 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
AssetsLiabilities
Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities
Short-term investmentsOther
investments
GLB (1)
Non-U.S.Corporate and asset-
backed securities
Mortgage-backed securities
Balance, beginning of period$449 $1,451 $60 $69 $$10 $897 
Transfers into Level 3— 92 — — — — — 
Transfers out of Level 3(16)(73)— — — — — 
Change in Net Unrealized Gains/Losses in OCI(31)— — (1)— — 
Net Realized Gains/Losses(2)(23)— (1)— — 426 
Purchases190 416 14 — — 
Sales(81)(147)— (16)— — — 
Settlements(47)(240)(1)— (7)— — 
Other— — — — — — (5)
Balance, end of period$494 $1,445 $61 $66 $$10 $1,318 
Net Realized Gains/Losses Attributable to Changes in Fair Value at the balance sheet date$— $(6)$— $$— $— $426 
Change in Net Unrealized Gains/Losses included in OCI at the balance sheet date$— $(25)$— $— $(1)$— $— 
(1)Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
September 30, 2021Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,195 $52 $ $1,247 $1,209 
Non-U.S. 1,330  1,330 1,254 
Corporate and asset-backed securities 2,260  2,260 2,051 
Mortgage-backed securities 1,868  1,868 1,770 
Municipal
 4,414  4,414 4,231 
Total assets$1,195 $9,924 $ $11,119 $10,515 
Liabilities:
Repurchase agreements$ $1,406 $ $1,406 $1,406 
Long-term debt 16,648  16,648 14,823 
Trust preferred securities 465  465 308 
Total liabilities$ $18,519 $ $18,519 $16,537 
December 31, 2020Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Fixed maturities held to maturity
U.S. Treasury / Agency$1,395 $57 $— $1,452 $1,392 
Non-U.S.— 1,405 — 1,405 1,288 
Corporate and asset-backed securities— 2,438 — 2,438 2,150 
Mortgage-backed securities— 2,146 — 2,146 1,999 
Municipal— 5,069 — 5,069 4,824 
Total assets$1,395 $11,115 $— $12,510 $11,653 
Liabilities:
Repurchase agreements$— $1,405 $— $1,405 $1,405 
Long-term debt— 17,487 — 17,487 14,948 
Trust preferred securities— 473 — 473 308 
Total liabilities$— $19,365 $— $19,365 $16,661 
v3.21.2
Reinsurance (Tables)
9 Months Ended
Sep. 30, 2021
Reinsurance Disclosures [Abstract]  
schedule of reinsurance recoverable on ceded insurance
September 30, 2021December 31, 2020
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$15,550 $269 $14,647 $257 
Reinsurance recoverable on paid losses and loss expenses1,098 56 945 57 
Reinsurance recoverable on losses and loss expenses$16,648 $325 $15,592 $314 
Reinsurance recoverable on policy benefits$206 $4 $206 $
(1)Net of valuation allowance for uncollectible reinsurance.
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20212020
Valuation allowance for uncollectible reinsurance - beginning of period$314 $316 
Provision for uncollectible reinsurance16 21 
Write-offs charged against the valuation allowance(4)(19)
Foreign exchange revaluation(1)
Valuation allowance for uncollectible reinsurance - end of period$325 $320 
v3.21.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables)
9 Months Ended
Sep. 30, 2021
Liability for Claims and Claims Adjustment Expense [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20212020
Gross unpaid losses and loss expenses – beginning of period$67,811 $62,690 
Reinsurance recoverable on unpaid losses beginning of period (1)
(14,647)(14,181)
Net unpaid losses and loss expenses – beginning of period53,164 48,509 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year17,556 17,109 
Prior years (2)
(868)(212)
Total16,688 16,897 
Net losses and loss expenses paid in respect of losses occurring in:
Current year4,771 4,766 
Prior years7,922 7,597 
Total12,693 12,363 
Foreign currency revaluation and other(78)95 
Net unpaid losses and loss expenses – end of period57,081 53,138 
Reinsurance recoverable on unpaid losses (1)
15,550 14,767 
Gross unpaid losses and loss expenses – end of period$72,631 $67,905 
(1)    Net of valuation allowance for uncollectible reinsurance.
(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $87 million and $23 million for the nine months ended September 30, 2021 and 2020, respectively.
Prior Period Development, by Segment [Table Text Block]
The following table summarizes (favorable) and adverse PPD by segment.
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2021
North America Commercial P&C Insurance$(101)$(56)$(157)$(243)$(197)$(440)
North America Personal P&C Insurance (182)(182) (266)(266)
North America Agricultural Insurance 7 7  5 5 
Overseas General Insurance(13)(15)(28)(8)(201)(209)
Global Reinsurance(4) (4)(26)15 (11)
Corporate43  43 140  140 
Total$(75)$(246)$(321)$(137)$(644)$(781)
2020
North America Commercial P&C Insurance$(255)$55 $(200)$(439)$(12)$(451)
North America Personal P&C Insurance— 48 48 — 48 48 
North America Agricultural Insurance— 18 18 — 
Overseas General Insurance(71)11 (60)(72)(28)(100)
Global Reinsurance(6)— (6)(25)(4)(29)
Corporate54 — 54 339 — 339 
Total$(278)$132 $(146)$(197)$$(189)
v3.21.2
Commitments, contingencies, and guarantees (Tables)
9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments
The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments:
September 30, 2021December 31, 2020
Consolidated
Balance Sheet
Location
Fair ValueNotional
Value/
Payment
Provision
Fair ValueNotional
Value/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivative
  instruments:
Foreign currency forward contractsOA / (AP)$22 $(89)$4,235 $22 $(49)$2,807 
Options/Futures contracts on notes, bonds, and equitiesOA / (AP)75 (22)13,005 13 (3)1,749 
Convertible securities (1)
FM AFS / ES12  13 — 11 
$109 $(111)$17,253 $44 $(52)$4,567 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$35 $ $867 $— $(17)$709 
OtherOA / (AP)  157 — — 16 
$35 $ $1,024 $— $(17)$725 
GLB (3)
(AP)$ $(818)$1,539 $— $(1,089)$1,658 
(1)Includes fair value of embedded derivatives.
(2)Related to GMDB and GLB book of business.
(3)Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations
The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Investment and embedded derivative instruments:
Foreign currency forward contracts$(15)$— $(37)$53 
All other futures contracts, options, and equities6 45 (15)
Convertible securities (1)
 — 1 — 
Total investment and embedded derivative instruments$(9)$$9 $38 
GLB and other derivative instruments:
GLB$(59)$46 $252 $(426)
Futures contracts on equities (2)
(4)(52)(112)(30)
Other(10)(8)(2)
Total GLB and other derivative instruments$(73)$(5)$132 $(458)
$(82)$$141 $(420)
(1)Includes embedded derivatives.
(2)Related to GMDB and GLB book of business.
Transfer of Certain Financial Assets Accounted for as Secured Borrowings
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2021December 31, 2020
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,402 $551 
U.S. Treasury / Agency119 148 
Non-U.S.833 1,032 
Corporate and asset-backed securities11 30 
Mortgage-backed securities1 
States, municipalities, and political subdivisions1 — 
Equity securities1 79 
$2,368 $1,844 
Gross amount of recognized liability for securities lending payable$2,368 $1,844 
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2021December 31, 2020
30-90 DaysGreater than
90 Days
Total30-90 DaysGreater than
90 Days
Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$ $ $ $— $$
U.S. Treasury / Agency 104 104 — 106 106 
Mortgage-backed securities475 846 1,321 481 871 1,352 
$475 $950 $1,425 $481 $981 $1,462 
Gross amount of recognized liabilities for repurchase agreements$1,406 $1,405 
Difference (1)
$19 $57 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.21.2
Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2021
Stockholders' Equity Note [Abstract]  
Dividends Declared
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

Three Months EndedNine Months Ended
September 30September 30
2021202020212020
CHFUSDCHFUSDCHFUSDCHFUSD
Total dividend distributions per common share0.73 $0.80 0.71 $0.78 2.14 $2.38 2.18 $2.31 
Share Repurchase Program [Table Text Block]
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Three Months EndedNine Months EndedOctober 1, 2021 through October 27, 2021
September 30September 30
(in millions of U.S. dollars, except share data)2021202020212020
Number of shares repurchased8,412,000 — 22,877,400 2,266,150 167,700 
Cost of shares repurchased$1,516 $— $3,956 $326 $29 
Repurchase authorization remaining at end of period$3,551 $1,124 $3,551 $1,124 $3,522 
v3.21.2
Postretirement benefits (Tables)
9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2021202020212020
Three Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $1 $— $$1 $— 
Non-service cost (benefit):
Interest cost18 5 24 1 
Expected return on plan assets(64)(10)(56)(11)(1)(1)
Amortization of net actuarial loss  — —  — 
Amortization of prior service cost (1)
  —  (20)
Settlements1  —  — 
Total non-service cost (benefit)(45)(5)(31)(4) (20)
Net periodic benefit cost (benefit)$(45)$(4)$(31)$(3)$1 $(20)
(1)     At June 30, 2021, the remaining prior service cost amortization related to the 2016 harmonization of our U.S. retirement program was fully amortized. Refer to Note 13 to the Consolidated Financial Statements of our 2020 Form 10-K for additional information.

Pension Benefit PlansOther Postretirement
Benefit Plans
2021202020212020
Nine Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$ $3 $— $$1 $— 
Non-service cost (benefit):
Interest cost53 14 74 17 1 
Expected return on plan assets(191)(32)(168)(32)(1)(3)
Amortization of net actuarial loss 2 —  — 
Amortization of prior service cost  — (26)(60)
Settlements1  —  — 
Total non-service cost (benefit)(137)(16)(91)(13)(26)(61)
Net periodic benefit cost (benefit)$(137)$(13)$(91)$(10)$(25)$(61)
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
Three Months Ended September 302021202020212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses1 1 — 
Total service cost1 1 — 
Non-service cost (benefit):
Losses and loss expenses(5)(3) (2)
Administrative expenses(45)(32) (18)
Total non-service cost (benefit)(50)(35) (20)
Net periodic benefit cost (benefit)$(49)$(34)$1 $(20)

Pension Benefit PlansOther Postretirement
Benefit Plans
Nine Months Ended September 302021202020212020
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$ $— $ $— 
Administrative expenses3 1 — 
Total service cost3 1 — 
Non-service cost (benefit):
Losses and loss expenses(14)(9)(3)(6)
Administrative expenses(139)(95)(23)(55)
Total non-service cost (benefit)(153)(104)(26)(61)
Net periodic benefit cost (benefit)$(150)$(101)$(25)$(61)
v3.21.2
Other Income and Expenses (Tables)
9 Months Ended
Sep. 30, 2021
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Equity in net income (loss) of partially-owned entities (1)
$802 $479 $2,073 $435 
Gains (losses) from fair value changes in separate account assets (2)
(24)24 (5)
Federal excise and capital taxes(5)(4)(15)(16)
Other(10)(14)(23)(55)
Total$763 $485 $2,030 $372 
(1)     Principally comprises our share of operating income and mark-to-market movement on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $40 million and $144 million for the three and nine months ended September 30, 2021, respectively, compared to $37 million and $86 million, respectively, for the prior year periods.
(2)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.21.2
Segment information (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Operations By Segment
The following tables present the Statement of Operations by segment:
For the Three Months Ended
September 30, 2021
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$4,369 $1,300 $1,415 $2,596 $221 $609 $ $ $10,510 
Net premiums earned3,954 1,244 1,338 2,664 211 589   10,000 
Losses and loss expenses2,754 846 1,138 1,487 192 179 43 (10)6,629 
Policy benefits     175  (24)151 
Policy acquisition costs537 254 61 703 55 168   1,778 
Administrative expenses273 73 4 266 9 82 99  806 
Underwriting income (loss)390 71 135 208 (45)(15)(142)34 636 
Net investment income (loss)507 60 6 157 99 102 (10)(55)866 
Other (income) expense(1)
8 1    (19)(722)(31)(763)
Amortization expense of
   purchased intangibles
 2 7 11  2 49  71 
Segment income$889 $128 $134 $354 $54 $104 $521 $10 $2,194 
Net realized gains (losses)(11)(10)(21)
Interest expense122  122 
Income tax expense218  218 
Net income$170 $ $1,833 
(1)Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.

For the Three Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$3,778 $1,285 $986 $2,238 $181 $610 $— $— $9,078 
Net premiums earned3,456 1,231 971 2,337 171 599 — — 8,765 
Losses and loss expenses2,444 961 845 1,192 154 183 55 5,835 
Policy benefits— — — — — 174 — 24 198 
Policy acquisition costs489 248 56 637 40 175 — — 1,645 
Administrative expenses243 65 260 80 71 — 733 
Underwriting income (loss)280 (43)65 248 (32)(13)(126)(25)354 
Net investment income (loss)510 64 130 85 95 (19)(32)840 
Other (income) expense— — (23)(415)(56)(485)
Amortization expense of
   purchased intangibles
— 10 — 52 — 72 
Segment income$783 $18 $65 $367 $53 $104 $218 $(1)$1,607 
Net realized gains (losses)(142)(141)
Interest expense130 — 130 
Income tax expense142 — 142 
Net income (loss)$(196)$— $1,194 
For the Nine Months Ended
September 30, 2021
(in millions of U.S. dollars)
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$12,318 $3,761 $2,110 $7,983 $702 $1,844 $ $ $28,718 
Net premiums earned11,431 3,652 1,858 7,721 583 1,789   27,034 
Losses and loss expenses7,740 2,341 1,554 3,936 422 562 141 (8)16,688 
Policy benefits     508  (5)503 
Policy acquisition costs1,540 746 100 2,070 147 538   5,141 
Administrative expenses772 200 10 811 27 247 258  2,325 
Underwriting income (loss)1,379 365 194 904 (13)(66)(399)13 2,377 
Net investment income (loss)1,582 189 21 447 250 301 (42)(135)2,613 
Other (income) expense24 (3) 3  (79)(1,845)(130)(2,030)
Amortization expense of
   purchased intangibles
 8 20 36  4 148  216 
Segment income$2,937 $549 $195 $1,312 $237 $310 $1,256 $8 $6,804 
Net realized gains (losses)841 (8)833 
Interest expense366  366 
Income tax expense873  873 
Net income$858 $ $6,398 

For the Nine Months Ended
September 30, 2020
(in millions of U.S. dollars)
North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance
Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$10,750 $3,719 $1,604 $6,857 $606 $1,874 $— $— $25,410 
Net premiums earned10,427 3,623 1,441 6,838 520 1,838 — — 24,687 
Losses and loss expenses8,123 2,406 1,223 3,935 314 556 342 (2)16,897 
Policy benefits— — — — — 542 — 550 
Policy acquisition costs1,452 724 96 1,903 127 551 — — 4,853 
Administrative expenses751 199 12 759 28 238 214 — 2,201 
Underwriting income (loss)101 294 110 241 51 (49)(556)(6)186 
Net investment income (loss)1,544 195 23 396 214 285 (65)(64)2,528 
Other (income) expense19 10 (52)(283)(72)(372)
Amortization expense of
   purchased intangibles
— 20 33 — 153 — 217 
Segment income (loss)$1,626 $477 $112 $594 $264 $285 $(491)$$2,869 
Net realized gains (losses)(1,067)(2)(1,069)
Interest expense390 — 390 
Income tax expense295 — 295 
Net income (loss)$(2,243)$— $1,115 
v3.21.2
Earnings per share (Tables)
9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except share and per share data)2021202020212020
Numerator:
Net income$1,833 $1,194 $6,398 $1,115 
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding435,318,088 451,794,046 443,595,026 451,683,093 
Denominator for diluted earnings per share:
Share-based compensation plans3,123,550 1,471,434 3,032,989 1,894,699 
Weighted-average shares outstanding and assumed conversions
438,441,638 453,265,480 446,628,015 453,577,792 
Basic earnings per share$4.21 $2.64 $14.42 $2.47 
Diluted earnings per share$4.18 $2.63 $14.33 $2.46 
Potential anti-dilutive share conversions1,758,853 7,053,316 1,439,882 6,767,727 
v3.21.2
General Schedule of Cash and Cash Equivalent (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]        
Cash $ 1,620 $ 1,747    
Restricted cash 176 89    
Total cash and restricted cash shown in the Consolidated statement of cash flows $ 1,796 $ 1,836 $ 1,873 $ 1,646
v3.21.2
General Goodwill (Details)
$ in Millions
9 Months Ended
Sep. 30, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Period Increase (Decrease) $ (13)
v3.21.2
General Adoption of New Accounting Pronouncements (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax $ (59,318)   $ (59,441) $ (56,413)    
Retained Earnings [Member]            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax $ (45,224) $ (43,902) (39,337) $ (36,919) $ (35,991) $ (36,142)
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative Effect on Retained Earnings, Net of Tax   $ 0 $ 0   $ 0 $ 72
v3.21.2
Acquisitions Investments (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Dec. 31, 2019
Oct. 07, 2021
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Subsequent Event [Member]        
Investment Holdings [Line Items]        
BusinessAcquisitionCostOfAcquiredEntityExpectedCashConsideration [Member]       $ 5,750
Huatai Group [Member] | CHINA        
Investment Holdings [Line Items]        
Equity Method Investment, Ownership Percentage 47.10% 47.10%    
Equity method investment, additional 7.1 percentage agreed on     7.10%  
Equity method investment, additional 6.4 percentage agreed on [Table] 6.40%      
Equity method investment, incremental 0.9 percent obtained   0.90%    
Purchase of incremental ownership interest   $ 65    
Deposits Assets $ 143 $ 143    
v3.21.2
Investments (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Investments [Line Items]    
Restricted assets in fixed maturities and short-term investments $ 18,820 $ 19,610
Restricted assets in cash $ 176 $ 89
v3.21.2
Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost $ 89,335   $ 85,188      
Debt Securities, Available-for-sale, Allowance for Credit Loss (12) $ (11) (20) $ (34) $ (69) $ 0
Available for Sale, Gross Unrealized Appreciation 3,786   5,655      
Available for Sale, Gross Unrealized Depreciation (424)   (124)      
Available for sale, Fair Value 92,685   90,699      
U.S. Treasury / Agency            
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost 2,172   2,471      
Debt Securities, Available-for-sale, Allowance for Credit Loss 0   0      
Available for Sale, Gross Unrealized Appreciation 120   199      
Available for Sale, Gross Unrealized Depreciation (5)   0      
Available for sale, Fair Value 2,287   2,670      
Non-U.S.            
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost 24,988   24,594      
Debt Securities, Available-for-sale, Allowance for Credit Loss (6)   (6)      
Available for Sale, Gross Unrealized Appreciation 1,139   1,808      
Available for Sale, Gross Unrealized Depreciation (194)   (42)      
Available for sale, Fair Value 25,927   26,354      
Corporate and asset-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost 37,283   34,095      
Debt Securities, Available-for-sale, Allowance for Credit Loss (6)   (14)      
Available for Sale, Gross Unrealized Appreciation 1,596   2,322      
Available for Sale, Gross Unrealized Depreciation (157)   (72)      
Available for sale, Fair Value 38,716   36,331      
Mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost 19,333   17,456      
Debt Securities, Available-for-sale, Allowance for Credit Loss 0   0      
Available for Sale, Gross Unrealized Appreciation 695   1,022      
Available for Sale, Gross Unrealized Depreciation (65)   (8)      
Available for sale, Fair Value 19,963   18,470      
Municipal            
Debt Securities, Available-for-sale [Line Items]            
Debt Securities, Available-for-sale, Amortized Cost 5,559   6,572      
Debt Securities, Available-for-sale, Allowance for Credit Loss 0   0      
Available for Sale, Gross Unrealized Appreciation 236   304      
Available for Sale, Gross Unrealized Depreciation (3)   (2)      
Available for sale, Fair Value $ 5,792   $ 6,874      
v3.21.2
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity $ 10,550   $ 11,697      
Debt Securities, Held-to-maturity, Allowance for Credit Loss (35) $ (37) (44) $ (45) $ (51) $ 0
Debt securities, held to maturity, net carrying value 10,515   11,653      
Held-to-maturity, Gross Unrealized Appreciation 605   859      
Held-to-maturity, Gross Unrealized Depreciation (1)   (2)      
Held to maturity, at Fair Value 11,119   12,510      
U.S. Treasury / Agency            
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity 1,209   1,392      
Debt Securities, Held-to-maturity, Allowance for Credit Loss 0   0      
Debt securities, held to maturity, net carrying value 1,209   1,392      
Held-to-maturity, Gross Unrealized Appreciation 38   60      
Held-to-maturity, Gross Unrealized Depreciation 0   0      
Held to maturity, at Fair Value 1,247   1,452      
Non-U.S.            
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity 1,259   1,295      
Debt Securities, Held-to-maturity, Allowance for Credit Loss (5)   (7)      
Debt securities, held to maturity, net carrying value 1,254   1,288      
Held-to-maturity, Gross Unrealized Appreciation 76   118      
Held-to-maturity, Gross Unrealized Depreciation 0   (1)      
Held to maturity, at Fair Value 1,330   1,405      
Corporate and asset-backed securities            
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity 2,079   2,185      
Debt Securities, Held-to-maturity, Allowance for Credit Loss (28)   (35)      
Debt securities, held to maturity, net carrying value 2,051   2,150      
Held-to-maturity, Gross Unrealized Appreciation 209   288      
Held-to-maturity, Gross Unrealized Depreciation 0   0      
Held to maturity, at Fair Value 2,260   2,438      
Mortgage-backed securities            
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity 1,771   2,000      
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)   (1)      
Debt securities, held to maturity, net carrying value 1,770   1,999      
Held-to-maturity, Gross Unrealized Appreciation 99   148      
Held-to-maturity, Gross Unrealized Depreciation (1)   (1)      
Held to maturity, at Fair Value 1,868   2,146      
Municipal            
Schedule of Held-to-maturity Securities [Line Items]            
Debt Securities, Held-to-maturity 4,232   4,825      
Debt Securities, Held-to-maturity, Allowance for Credit Loss (1)   (1)      
Debt securities, held to maturity, net carrying value 4,231   4,824      
Held-to-maturity, Gross Unrealized Appreciation 183   245      
Held-to-maturity, Gross Unrealized Depreciation 0   0      
Held to maturity, at Fair Value $ 4,414   $ 5,069      
v3.21.2
Investments (held-to-maturity credit quality indicator) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 10,550 $ 11,697
Fixed Maturities Percent of Total Amortized cost 100.00% 100.00%
Standard & Poor's, AAA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 2,216 $ 2,511
Fixed Maturities Percent of Total Amortized cost 21.00% 22.00%
Standard & Poor's, AA Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 5,479 $ 6,193
Fixed Maturities Percent of Total Amortized cost 52.00% 53.00%
Standard & Poor's, A Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 2,011 $ 2,138
Fixed Maturities Percent of Total Amortized cost 19.00% 18.00%
Standard & Poor's, BBB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 815 $ 826
Fixed Maturities Percent of Total Amortized cost 8.00% 7.00%
Standard & Poor's, BB Rating [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 28 $ 28
Fixed Maturities Percent of Total Amortized cost 0.00% 0.00%
Other [Member]    
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]    
Debt Securities, Held-to-maturity $ 1 $ 1
Fixed Maturities Percent of Total Amortized cost 0.00% 0.00%
v3.21.2
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value $ 4,568 $ 4,760
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value 25,747 26,227
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value 28,117 27,232
Available for sale, Due after 10 years, Fair Value & Net Carrying Value 14,290 14,010
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value & Net Carrying Value 72,722 72,229
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value 19,963 18,470
Available for sale, Fair Value 92,685 90,699
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value 947 1,231
Held to maturity, Due in 1 year or less, Fair Value 954 1,240
Held-to-maturity, after one through five years, net carrying value 3,666 3,592
Held to maturity, Due after 1 year through 5, Fair Value 3,792 3,760
Held-to-maturity, after 5 through 10 years, net carrying value 2,498 3,029
Held to maturity, Due after 5 years through 10 years, Fair Value 2,627 3,228
Held-to-maturity, after 10 years, net carrying value 1,634 1,802
Held to maturity, Due after 10 years, Fair Value 1,878 2,136
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value 8,745 9,654
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value 9,251 10,364
Held-to-maturity, MBS, net carrying value 1,770 1,999
Held to maturity, Mortgage backed securities, Fair Value 1,868 2,146
Debt securities, held to maturity, net carrying value 10,515 11,653
Held to maturity, Fair Value $ 11,119 $ 12,510
v3.21.2
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months $ 18,808 $ 4,755
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (339) (75)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 1,607 758
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (65) (22)
Debt Securities, Available-for-sale, Unrealized Loss Position 20,415 5,513
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (404) (97)
U.S. Treasury / Agency    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 231  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (5)  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 0  
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss 0  
Debt Securities, Available-for-sale, Unrealized Loss Position 231  
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (5)  
Non-U.S.    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 5,704 1,628
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (147) (35)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 780 114
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (40) (5)
Debt Securities, Available-for-sale, Unrealized Loss Position 6,484 1,742
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (187) (40)
Corporate and asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 6,686 2,212
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (124) (33)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 662 593
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (20) (14)
Debt Securities, Available-for-sale, Unrealized Loss Position 7,348 2,805
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (144) (47)
Mortgage-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 5,948 875
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (61) (6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 157 35
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (4) (2)
Debt Securities, Available-for-sale, Unrealized Loss Position 6,105 910
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (65) (8)
Municipal    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 239 40
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (2) (1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 8 16
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (1) (1)
Debt Securities, Available-for-sale, Unrealized Loss Position 247 56
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (3) $ (2)
v3.21.2
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Gain (Loss) on Securities [Line Items]        
Realized Investment Gains (Losses) $ (21) $ (141) $ 833 $ (1,069)
Foreign exchange gains 106 (222) 85 (351)
Insurance Derivatives, Changes in Fair Value, Gain (Loss) (59) 46 252 (426)
Gain (Loss) on Derivative (82) 4 141 (420)
Other (4) (3) (5) (43)
Fixed Maturities [Member]        
Gain (Loss) on Securities [Line Items]        
Debt Securities, Available-for-sale, Realized Gain 27 50 120 195
Debt Securities, Available-for-sale, Realized Loss (27) (32) (99) (331)
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) 1 42 17 (4)
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell [1] (11) (11) (12) (163)
Debt Securities, Available-for-sale, Realized Gain (Loss) (10) 49 26 (303)
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Equity Securities, FV-NI, Realized Gain (Loss) (42) 0 475 119
Other Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Realized Investment Gains (Losses) 11 31 111 (71)
Other derivative instruments        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative (10) 1 (8) (2)
Investment and embedded derivative instruments        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative (9) 9 9 38
S&P put options and futures        
Gain (Loss) on Securities [Line Items]        
Gain (Loss) on Derivative $ (4) $ (52) $ (112) $ (30)
[1] Relates to certain securities we intended to sell and securities written to market entering default.
v3.21.2
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Gain (Loss) on Securities [Line Items]        
Realized Investment Gains (Losses) $ (21) $ (141) $ 833 $ (1,069)
Equity Securities [Member]        
Gain (Loss) on Securities [Line Items]        
Equity Securities, FV-NI, Realized Gain (Loss) (42) 0 475 119
Less: Net gains (losses) recognized from sales of securities 19 34 109 197
Unrealized gains (losses) recognized for securities still held at reporting date (61) (34) 366 (78)
Other Investments [Member]        
Gain (Loss) on Securities [Line Items]        
Realized Investment Gains (Losses) 11 31 111 (71)
Less: Net gains (losses) recognized from sales of securities 0 0 0 0
Unrealized gains (losses) recognized for securities still held at reporting date 11 31 111 (71)
Equity securities and other investments [Member]        
Gain (Loss) on Securities [Line Items]        
Realized Investment Gains (Losses) (31) 31 586 48
Less: Net gains (losses) recognized from sales of securities 19 34 109 197
Unrealized gains (losses) recognized for securities still held at reporting date $ (50) $ (3) $ 477 $ (149)
v3.21.2
Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Jan. 01, 2021
Dec. 31, 2020
Jun. 30, 2020
Jan. 01, 2020
Dec. 31, 2019
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]                    
Debt Securities, Available-for-sale, Allowance for Credit Loss $ 12 $ 34 $ 12 $ 34 $ 11   $ 20 $ 69   $ 0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase 0 0 0 5            
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery (2) (40) (16) (174)            
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff 0 0 0 (5)            
Accounting Standards Update 2016-13 [Member]                    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]                    
Debt Securities, Available-for-sale, Allowance for Credit Loss           $ 0     $ 25  
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) $ 3 $ 5 $ 8 $ 183            
v3.21.2
Investments (Rollforward of expected credit losses HTM) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jun. 30, 2021
Jan. 01, 2021
Dec. 31, 2020
Jun. 30, 2020
Jan. 01, 2020
Dec. 31, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]                    
Debt Securities, Held-to-maturity, Allowance for Credit Loss $ 35 $ 45 $ 35 $ 45 $ 37   $ 44 $ 51   $ 0
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery (2) (8) (9) (8)            
Accounting Standards Update 2016-13 [Member]                    
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]                    
Debt Securities, Held-to-maturity, Allowance for Credit Loss           $ 0     $ 44  
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) $ 0 $ 2 $ 0 $ 9            
v3.21.2
Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments $ 7,131 $ 3,200
Alternative Investment 9,768 6,770
Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 309 237
Alternative Investment 1,064 673
Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 772 598
Alternative Investment 1,092 805
Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 813 970
Alternative Investment 568 358
Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 279 270
Alternative Investment 82 88
Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 4,958 1,125
Alternative Investment 6,616 4,519
Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 0 0
Alternative Investment 64 73
Investment Funds Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 0 0
Alternative Investment $ 282 $ 254
Minimum [Member] | Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum [Member] | Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum [Member] | Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum [Member] | Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 3 years 3 years
Minimum [Member] | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
Minimum [Member] | Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 1 year 1 year
Maximum [Member] | Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 10 years 10 years
Maximum [Member] | Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 11 years 11 years
Maximum [Member] | Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
Maximum [Member] | Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 8 years 8 years
Maximum [Member] | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 14 years 14 years
Maximum [Member] | Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period 2 years 2 years
v3.21.2
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Trust funds $ 11,669 $ 12,305
Deposits with U.S. regulatory authorities 2,418 2,438
Deposits With Non United States Regulatory Authorities 2,858 2,905
Assets pledged under repurchase agreements 1,425 1,462
Other pledged assets 632 584
Total restricted assets $ 19,002 $ 19,694
v3.21.2
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 92,685 $ 90,699
Equity securities, at fair value 4,557 4,027
Short-term investments 3,529 4,345
Other investments, at fair value 10,843 7,945
Securities lending collateral 2,368 1,844
U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,287 2,670
Non-U.S.    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,927 26,354
Corporate and asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 38,716 36,331
Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 19,963 18,470
Municipal    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 5,792 6,874
Fair Value, Recurring [Member] | Level 1    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,786 2,148
Equity securities, at fair value 4,478 3,954
Short-term investments 2,012 2,866
Other investments, at fair value 292 434 [1]
Securities lending collateral 0 0
Investment derivative instruments, assets 97 35
Other Derivative Instruments Fair Value 35  
Separate Account Asset 5,225 4,264
Total assets measured at fair value 13,925 [2] 13,701 [1]
Investment derivative instruments, liabilities 111 52
Other derivative instruments, liability   17
Liabilities Related to Investment Contracts, Fair Value Disclosure 111 69
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,786 2,148
Fair Value, Recurring [Member] | Level 1 | Non-U.S.    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 1 | Corporate and asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 1 | Municipal    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 1 | GLB    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 0 0 [3]
Fair Value, Recurring [Member] | Level 2    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 88,327 86,372
Equity securities, at fair value 0 0
Short-term investments 1,507 1,474
Other investments, at fair value 468 438 [1]
Securities lending collateral 2,368 1,844
Investment derivative instruments, assets 0 0
Other Derivative Instruments Fair Value 0  
Separate Account Asset 105 124
Total assets measured at fair value 92,775 [2] 90,252 [1]
Investment derivative instruments, liabilities 0 0
Other derivative instruments, liability   0
Liabilities Related to Investment Contracts, Fair Value Disclosure 0 0
Fair Value, Recurring [Member] | Level 2 | U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 501 522
Fair Value, Recurring [Member] | Level 2 | Non-U.S.    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,267 25,808
Fair Value, Recurring [Member] | Level 2 | Corporate and asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 36,857 34,758
Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 19,910 18,410
Fair Value, Recurring [Member] | Level 2 | Municipal    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 5,792 6,874
Fair Value, Recurring [Member] | Level 2 | GLB    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 0 0 [3]
Fair Value, Recurring [Member] | Level 3    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,572 2,179
Equity securities, at fair value 79 73
Short-term investments 10 5
Other investments, at fair value 0 10 [1]
Securities lending collateral 0 0
Investment derivative instruments, assets 0 0
Other Derivative Instruments Fair Value 0  
Separate Account Asset 0 0
Total assets measured at fair value 2,661 [2] 2,267 [1]
Investment derivative instruments, liabilities 0 0
Other derivative instruments, liability   0
Liabilities Related to Investment Contracts, Fair Value Disclosure 818 1,089
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 3 | Non-U.S.    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 660 546
Fair Value, Recurring [Member] | Level 3 | Corporate and asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,859 1,573
Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 53 60
Fair Value, Recurring [Member] | Level 3 | Municipal    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Fair Value, Recurring [Member] | Level 3 | GLB    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 818 1,089 [3]
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 92,685 90,699
Equity securities, at fair value 4,557 4,027
Short-term investments 3,529 4,345
Other investments, at fair value 760 882 [1]
Securities lending collateral 2,368 1,844
Investment derivative instruments, assets 97 35
Other Derivative Instruments Fair Value 35  
Separate Account Asset 5,330 4,388
Total assets measured at fair value 109,361 [2] 106,220 [1]
Investment derivative instruments, liabilities 111 52
Other derivative instruments, liability   17
Liabilities Related to Investment Contracts, Fair Value Disclosure 929 1,158
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury / Agency    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,287 2,670
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Non-U.S.    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 25,927 26,354
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate and asset-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 38,716 36,331
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 19,963 18,470
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Municipal    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 5,792 6,874
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | GLB    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross 818 1,089 [3]
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other investments, at fair value 9,768 6,770
Policy Loans [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other investments, at fair value 235 233
Other Investments [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other investments, at fair value $ 80 $ 60
[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $6,770 million, policy loans of $233 million and other investments of $60 million at December 31, 2020 measured using NAV as a practical expedient.
[2] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $9,768 million, policy loans of $235 million and other investments of $80 million at September 30, 2021 measured using NAV as a practical expedient.
[3] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.21.2
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
[2]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Fair Value Measurements, Valuation Processes, Description Actuarial model  
Weighted Average [Member]    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate [1] 4.60%  
Significant Unobservable Inputs Annuitization Rate [1] 3.50%  
Minimum [Member]    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 3.00%  
Significant Unobservable Inputs Annuitization Rate 0.00%  
Maximum [Member]    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate 34.00%  
Significant Unobservable Inputs Annuitization Rate 100.00%  
Level 3 | Fair Value, Recurring [Member] | GLB    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross $ 818 $ 1,089
[1] The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.21.2
Fair Value Measurements (Assets and Liabilities, Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - Level 3 - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Equity Securities [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets $ 78 $ 64 $ 73 $ 69
Transfers Into Level 3, Asset 0   0 0
Transfers out of Level 3, Assets 0 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0 0
Net Realized Gains/ (Losses), Assets 1 2 8 (1)
Purchases, Assets 4 3 11 14
Sales, Assets (4) (3) (13) (16)
Settlements, Assets 0 0 0 0
Other, Assets 0 0 0 0
Balance-End of Period, Assets 79 66 79 66
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (1) 2 5 1
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 0 0 0
Short-term Investments [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 3 2 5 6
Transfers Into Level 3, Asset 0   0 0
Transfers out of Level 3, Assets 0 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 (1) 0 (1)
Net Realized Gains/ (Losses), Assets 0 0 0 0
Purchases, Assets 7 7 10 9
Sales, Assets 0 0 0 0
Settlements, Assets 0 (1) (5) (7)
Other, Assets 0 0 0 0
Balance-End of Period, Assets 10 7 10 7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 (1) 0 (1)
Other Investments [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 10 10 10 10
Transfers Into Level 3, Asset 0   0 0
Transfers out of Level 3, Assets (10) 0 (10) 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0 0
Net Realized Gains/ (Losses), Assets 0 0 0 0
Purchases, Assets 0 0 0 0
Sales, Assets 0 0 0 0
Settlements, Assets 0 0 0 0
Other, Assets 0 0 0 0
Balance-End of Period, Assets 0 10 0 10
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 0 0 0
Available-for-sale Securities [Member] | Non-U.S.        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 642 469 546 449
Transfers Into Level 3, Asset 22   22 0
Transfers out of Level 3, Assets 0 0 (10) (16)
Change in Net Unrealized Gains (Losses) included in OCI, Assets (15) 21 (2) 1
Net Realized Gains/ (Losses), Assets (3) 1 0 (2)
Purchases, Assets 60 41 235 190
Sales, Assets (19) (19) (35) (81)
Settlements, Assets (27) (19) (96) (47)
Other, Assets 0 0 0 0
Balance-End of Period, Assets 660 494 660 494
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets (15) 20 2 0
Available-for-sale Securities [Member] | Corporate and asset-backed securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 1,688 1,369 1,573 1,451
Transfers Into Level 3, Asset 45   91 92
Transfers out of Level 3, Assets 0 (1) (3) (73)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 2 (13) 14 (31)
Net Realized Gains/ (Losses), Assets 0 3 3 (23)
Purchases, Assets 272 194 681 416
Sales, Assets (13) (80) (88) (147)
Settlements, Assets (135) (54) (412) (240)
Other, Assets 0 0 0 0
Balance-End of Period, Assets 1,859 1,445 1,859 1,445
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 3 3 (6)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 12 17 (25)
Available-for-sale Securities [Member] | Mortgage-backed securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance- Beginning of Period, Assets 47 60 60 60
Transfers Into Level 3, Asset 0   0 0
Transfers out of Level 3, Assets 0 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0 0
Net Realized Gains/ (Losses), Assets 0 0 0 0
Purchases, Assets 17 2 18 2
Sales, Assets 0 0 (1) 0
Settlements, Assets (11) (1) (24) (1)
Other, Assets 0 0 0 0
Balance-End of Period, Assets 53 61 53 61
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets 0 0 0 0
Guaranteed Minimum Income Benefit [Member]        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Balance - Beginning of Period, Liabilities 760 [1] 1,372 [2] 1,089 897
Transfers into level 3, liability 0   0 0
Transfers out of Level 3, Liabilities 0 0 0 0
Change in Net Unrealized Gains (losses) included in OCI, Liabilities 0 0 0 0
Net Realized Gains/(Losses), Liabilities 59 [1] (46) [2] (252) 426
Purchases, Liabilities 0 0 0 0
Sales, Liabilities 0 0 0 0
Settlements, Liabilities 0 0 0 0
Other, Liabilities (1) (8) (19) (5)
Balance - End of Period, Liabilities 818 [1] 1,318 [2] 818 [1] 1,318 [2]
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Liabilities 59 [1] (46) [2] (252) 426
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Liabilities $ 0 $ 0 $ 0 $ 0
[1] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
[2] Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value.
v3.21.2
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value $ 11,119 $ 12,510
Debt Securities, Held-to-maturity 10,550 11,697
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,406 1,405
Long-term debt 14,823 14,948
Total liabilities 139,736 131,333
Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,195 1,395
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 9,924 11,115
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,406 1,405
Long-term Debt, Fair Value 16,648 17,487
Trust preferred securities 465 473
Total liabilities 18,519 19,365
Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 0 0
Long-term Debt, Fair Value 0 0
Trust preferred securities 0 0
Total liabilities 0 0
Estimate of Fair Value Measurement [Member]    
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,406 1,405
Long-term Debt, Fair Value 16,648 17,487
Trust preferred securities 465 473
Total liabilities 18,519 19,365
Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 10,515 11,653
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 1,406 1,405
Trust preferred securities 308 308
Long-term debt 14,823 14,948
Total liabilities 16,537 16,661
U.S. Treasury / Agency    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,247 1,452
Debt Securities, Held-to-maturity 1,209 1,392
U.S. Treasury / Agency | Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,195 1,395
U.S. Treasury / Agency | Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 52 57
U.S. Treasury / Agency | Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
U.S. Treasury / Agency | Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,209 1,392
Non-U.S.    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,330 1,405
Debt Securities, Held-to-maturity 1,259 1,295
Non-U.S. | Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Non-U.S. | Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,330 1,405
Non-U.S. | Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Non-U.S. | Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,254 1,288
Corporate and asset-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 2,260 2,438
Debt Securities, Held-to-maturity 2,079 2,185
Corporate and asset-backed securities | Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Corporate and asset-backed securities | Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 2,260 2,438
Corporate and asset-backed securities | Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Corporate and asset-backed securities | Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 2,051 2,150
Mortgage-backed securities    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,868 2,146
Debt Securities, Held-to-maturity 1,771 2,000
Mortgage-backed securities | Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Mortgage-backed securities | Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 1,868 2,146
Mortgage-backed securities | Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Mortgage-backed securities | Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity 1,770 1,999
Municipal    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 4,414 5,069
Debt Securities, Held-to-maturity 4,232 4,825
Municipal | Level 1    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Municipal | Level 2    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 4,414 5,069
Municipal | Level 3    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Held to maturity, Fair Value 0 0
Municipal | Reported Value Measurement [Member]    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Debt Securities, Held-to-maturity $ 4,231 $ 4,824
v3.21.2
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Dec. 31, 2019
Ceded Credit Risk [Line Items]        
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments $ 15,550 [1] $ 14,647 $ 14,767 [1] $ 14,181
Reinsurance Recoverable for Paid Claims and Claims Adjustments 1,098 945    
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $325 and $314 16,648 15,592    
Reinsurance recoverable on policy benefits 206 206    
Reinsurance Recoverables on Unpaid Losses, Allowance 269 257    
Reinsurance Recoverables on Paid Losses, Allowance 56 57    
Reinsurance Recoverable, Allowance for Credit Loss 325 314 $ 320 $ 316
Reinsurance Recoverables on Future Policy Benefits, Allowance $ 4 $ 5    
[1] Net of valuation allowance for uncollectible reinsurance.
v3.21.2
Reinsurance (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period $ 314 $ 316
Reinsurance Recoverable, Credit Loss Expense (Reversal) 16 21
Reinsurance, Loss on Uncollectible Accounts in Period, Amount (4) (19)
Reinsurance Recoverable, Allowance for Credit Loss, Other (1) 2
Reinsurance Recoverable, Allowance for Credit Loss, end of period $ 325 $ 320
v3.21.2
Unpaid losses and loss expenses (RF) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Unpaid Losses and Loss Expenses [Roll Forward]    
Gross unpaid losses and loss expenses – beginning of period $ 67,811 $ 62,690
Reinsurance recoverable on unpaid losses – beginning of period (1) (14,647) (14,181)
Net unpaid losses and loss expenses – beginning of period 53,164 48,509
Current Year Claims and Claims Adjustment Expense 17,556 17,109
Prior Year Claims and Claims Adjustment Expense [1] (868) (212)
Total, Incurred 16,688 16,897
Net loss and loss expenses paid, Current Year 4,771 4,766
Net loss and loss expenses paid, Prior Years 7,922 7,597
Total, Paid 12,693 12,363
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other (78) 95
Net unpaid losses and loss expenses – end of period 57,081 53,138
Reinsurance recoverable on unpaid losses (1) [2] 15,550 14,767
Gross unpaid losses and loss expenses – end of period 72,631 67,905
prior period development, net adjustments 87 $ 23
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross 4,820  
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) $ 3,917  
[1] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $87 million and $23 million for the nine months ended September 30, 2021 and 2020, respectively.
[2] Net of valuation allowance for uncollectible reinsurance.
v3.21.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ (321) $ (146) $ (781) $ (189)
North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (157) (200) (440) (451)
North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (182) 48 (266) 48
North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 7 18 5 4
Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (28) (60) (209) (100)
Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (4) (6) (11) (29)
Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 43 54 140 339
Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (246) 132 (644) 8
Short Tail [Member] | North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (56) 55 (197) (12)
Short Tail [Member] | North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (182) 48 (266) 48
Short Tail [Member] | North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 7 18 5 4
Short Tail [Member] | Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (15) 11 (201) (28)
Short Tail [Member] | Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 15 (4)
Short Tail [Member] | Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (75) (278) (137) (197)
Long Tail [Member] | North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (101) (255) (243) (439)
Long Tail [Member] | North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member] | North American Agriculture Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Long Tail [Member] | Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (13) (71) (8) (72)
Long Tail [Member] | Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (4) (6) (26) (25)
Long Tail [Member] | Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ 43 $ 54 $ 140 $ 339
v3.21.2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ (321) $ (146) $ (781) $ (189)
Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (75) (278) (137) (197)
Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (246) 132 (644) 8
North America Commercial P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (157) (200) (440) (451)
North America Commercial P&C Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (101) (255) (243) (439)
North America Commercial P&C Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (56) 55 (197) (12)
North America Commercial P&C Insurance [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (255) (337)
North America Commercial P&C Insurance [Member] | Other [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       5
North America Commercial P&C Insurance [Member] | Multi-Line | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 46 26    
North America Commercial P&C Insurance [Member] | Accident years 2015 to 2019 [Member] | Auto Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       75
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (66)
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Environmental lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (43)
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | General Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   29    
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (97) (155)    
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Multi-Line | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (41)   (41)
North America Commercial P&C Insurance [Member] | Accident Years 2016 - 2019 [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     74  
North America Commercial P&C Insurance [Member] | Accident year 2017 and prior [Member] | General Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (37)  
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Surety Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (31)
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (37)
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (62)
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   21    
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2019 [Member] | Property Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   35    
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Workers' Compensation Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (36)  
North America Commercial P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Property and Inland Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (83)  
North America Commercial P&C Insurance [Member] | Accident Years 2019 - 2020 | First Party Cyber risk [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     41  
North America Commercial P&C Insurance [Member] | Accident Years 2019 - 2020 | Accident and Health Insurance Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (46)  
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2020 [Member] | Surety Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (89)  
North America Commercial P&C Insurance [Member] | Accident years 2017 and prior | Environmental lines [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (40)  
North America Commercial P&C Insurance [Member] | Accident years 2017 and prior | Multi-Line | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (36)   (36)  
North America Commercial P&C Insurance [Member] | Accident years 2016 to 2020 | General Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     26  
North America Commercial P&C Insurance [Member] | Accident years 2016 and 2017 | Professional Malpractice Liability Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (51)  
North America Commercial P&C Insurance [Member] | Accident years 2017 and 2019 | Auto Liability [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     74  
North America Commercial P&C Insurance [Member] | Accident years 2018 and 2019 | Commercial Excess and Umbrella [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 31      
North America Commercial P&C Insurance [Member] | Accident years 2019 and 2020 | Property and Inland Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (54)      
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2016 [Member] | Foreign Casualty Line | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (40)   (40)
North America Commercial P&C Insurance [Member] | Accident years 2014 and prior, and accident year 2019 | Commercial Excess and Umbrella [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (47)    
North America Agricultural Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 7 18 5 4
North America Agricultural Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 7 18 5 4
Corporate Segment [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 43 54 140 339
Corporate Segment [Member] | Environmental Issue [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 33 35    
Corporate Segment [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 43 54 140 339
Corporate Segment [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
Corporate Segment [Member] | Other [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     68 254
Overseas General Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (28) (60) (209) (100)
Overseas General Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (13) (71) (8) (72)
Overseas General Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (15) 11 (201) (28)
Overseas General Insurance [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   57    
Overseas General Insurance [Member] | Casualty lines | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (72) (94)    
Overseas General Insurance [Member] | Accident years 2016 and prior [Member] | Casualty lines | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (143)    
Overseas General Insurance [Member] | Accident Years 2016 - 2019 [Member] | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   125    
Overseas General Insurance [Member] | Accident year 2017 - 2018 [Member] | Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (22)
Overseas General Insurance [Member] | Accident Years 2017 to 2019 [Member] | Casualty lines | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   49    
Overseas General Insurance [Member] | Accident years 2018 - 2019 [Member] | Political Risk | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (22)    
Overseas General Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Property, Liability and Casualty Insurance Product Line | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (21)  
Overseas General Insurance [Member] | Accident Years 2019 - 2020 | Accident and Health Insurance Product Line [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (55)  
Overseas General Insurance [Member] | Accident Years 2019 - 2020 | Property, Liability and Casualty Insurance Product Line | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (54)  
Overseas General Insurance [Member] | Accident years 2017 and prior | Casualty lines | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (97)      
Overseas General Insurance [Member] | Accident years 2017 and prior | Environment and Political Risk | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (24)      
Overseas General Insurance [Member] | Accident years 2018 - 2020 | Marine [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (35)  
Overseas General Insurance [Member] | Accident years 2018 - 2020 | Casualty lines | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 25      
Overseas General Insurance [Member] | Accident Year 2015 and prior | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development   (68)    
Overseas General Insurance [Member] | Accident years 2011 - 2020 | Financial [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 84      
North America Personal P&C Insurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (182) 48 (266) 48
North America Personal P&C Insurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development 0 0 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (182) 48 (266) 48
North America Personal P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Personal Lines | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       (22)
North America Personal P&C Insurance [Member] | Accident Years 2017 to 2019 [Member] | Homeowners and Valuables | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development       69
North America Personal P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Auto Liability [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development     (43)  
North America Personal P&C Insurance [Member] | Short-Duration Insurance Contract, Accident Year 2020 | Homeowners and Valuables | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (176)   (216)  
Global Reinsurance [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (4) (6) (11) (29)
Global Reinsurance [Member] | Long Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development (4) (6) (26) (25)
Global Reinsurance [Member] | Short Tail [Member]        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Net Prior Period Development $ 0 $ 0 $ 15 $ (4)
v3.21.2
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Derivative liability subject to a master netting agreement   $ 30
Derivative Asset, subject to a master netting agreement $ 22  
Repurchase agreements 1,406 1,405
Purchase Commitment, Remaining Minimum Amount Committed 825  
Carrying value of limited partnerships and partially-owned investment companies included in other investments 9,500 6,500
Funding commitments relating to limited partnerships and partially-owned investment companies 7,100 3,200
Unrecognized tax benefits 62  
Operating Lease, Right-of-Use Asset 434 473
Operating Lease, Liability $ 472 $ 517
v3.21.2
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount $ 4,235 $ 2,807
Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 13,005 1,749
Convertible securities    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [1] 13 11
Total investment and embedded derivative instruments    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 109 44
Fair Value, Liability (111) (52)
Derivative, Notional Amount 17,253 4,567
Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [2] 867 709
Other    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 157 16
Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,024 725
Guaranteed Minimum Income Benefit [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset [3] 0 0
Derivative, Notional Amount [3] 1,539 1,658
Other Assets [Member] | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 22 22
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 75 13
Other Assets [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset [2] 35 0
Other Assets [Member] | Other    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 0 0
Other Assets [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 35 0
Fixed Maturities [Member] | Convertible securities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset [1] 12 9
Equity Securities [Member] | Convertible securities    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [1] 0 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (89) (49)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability (22) (3)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [2] 0 (17)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability 0 0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability 0 (17)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Guaranteed Minimum Income Benefit [Member]    
Derivatives, Fair Value [Line Items]    
Fair Value, Liability [3] $ (818) $ (1,089)
[1] Includes fair value of embedded derivatives.
[2] Related to GMDB and GLB book of business.
[3] Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts.
v3.21.2
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative $ (82) $ 4 $ 141 $ (420)
Foreign currency forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative (15) 0 (37) 53
All Other Futures Contracts, Options and equities [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative 6 9 45 (15)
Convertible securities        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative [1] 0 0 1 0
Total investment and embedded derivative instruments        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative (9) 9 9 38
GLB        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative (59) 46 252 (426)
Futures contracts on equities        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative [2] (4) (52) (112) (30)
Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative (10) 1 (8) (2)
Guaranteed Living Benefit And Other Derivative Instruments [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative $ (73) $ (5) $ 132 $ (458)
[1] Includes embedded derivatives.
[2] Related to GMDB and GLB book of business.
v3.21.2
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 2,368 $ 1,844
Securities lending payable 2,368 1,844
Cash [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 1,402 551
U.S. Treasury / Agency | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 119 148
Foreign [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 833 1,032
Corporate and asset-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 11 30
Mortgage-backed securities | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 1 4
Equity Securities [Member] | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 1 79
Municipal | Overnight and Continuous [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 1 $ 0
v3.21.2
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 1,425 $ 1,462
Repurchase agreements 1,406 1,405
Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 4
U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 104 106
Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 1,321 1,352
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [1] 19 57
Maturity 30 to 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 475 481
Maturity 30 to 90 Days [Member] | Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 0
Maturity 30 to 90 Days [Member] | U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 0
Maturity 30 to 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 475 481
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 950 981
Maturity Greater than 90 Days [Member] | Cash [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 0 4
Maturity Greater than 90 Days [Member] | U.S. Treasury / Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements 104 106
Maturity Greater than 90 Days [Member] | Mortgage-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Assets pledged under repurchase agreements $ 846 $ 871
[1] Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.21.2
Shareholders' equity (Details)
9 Months Ended
Aug. 04, 2021
shares
Sep. 30, 2021
SFr / shares
shares
May 20, 2021
$ / shares
Dec. 31, 2020
SFr / shares
shares
May 20, 2020
$ / shares
May 31, 2019
$ / shares
Stockholders' Equity Note [Abstract]            
Common Shares, par value | SFr / shares   SFr 24.15   SFr 24.15    
Common Shares in treasury, shares   43,144,862   26,872,639    
Treasury Stock, Shares, Retired 3,584,150          
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures   3,021,027        
Common Stock, Dividend Rate Approved | $ / shares     $ 0.80   $ 0.78 $ 0.75
Annual dividend per share approved by shareholders | $ / shares     $ 3.20   $ 3.12 $ 3.00
Nov 2020 Stock Repurchase Plan            
Stockholders' Equity Note [Abstract]            
Number of shares repurchased   22,877,400        
v3.21.2
Shareholders' equity Dividends Declared (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2021
SFr / shares
Sep. 30, 2021
$ / shares
Sep. 30, 2020
SFr / shares
Sep. 30, 2020
$ / shares
Sep. 30, 2021
SFr / shares
Sep. 30, 2021
$ / shares
Sep. 30, 2020
SFr / shares
Sep. 30, 2020
$ / shares
United States of America, Dollars                
Equity, Class of Treasury Stock [Line Items]                
Common Stock, Dividends, Per Share, Declared | $ / shares   $ 0.80   $ 0.78   $ 2.38   $ 2.31
Switzerland, Francs                
Equity, Class of Treasury Stock [Line Items]                
Common Stock, Dividends, Per Share, Declared | SFr / shares SFr 0.73   SFr 0.71   SFr 2.14   SFr 2.18  
v3.21.2
Shareholders' equity Share Repurchases (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 27, 2021
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Jul. 19, 2021
Feb. 01, 2021
Nov. 19, 2020
Nov. 21, 2019
Nov 2019 Stock Repurchase Plan [Member]                  
Equity, Class of Treasury Stock [Line Items]                  
Stock Repurchase Program, Authorized Amount                 $ 1,500
Number of shares repurchased     0   2,266,150        
Cost of shares repurchased     $ 0   $ 326        
Repurchase authorization remaining at end of period     $ 1,124   $ 1,124        
Nov 2020 Stock Repurchase Plan                  
Equity, Class of Treasury Stock [Line Items]                  
Stock Repurchase Program, Authorized Amount             $ 2,500 $ 1,500  
Number of shares repurchased       22,877,400          
Cost of shares repurchased       $ 3,956          
CB_Increase(Decrease)StockRepurchaseProgramAuthorizedAmount             $ 1,000    
July 2021 Stock Repurchase Plan                  
Equity, Class of Treasury Stock [Line Items]                  
Stock Repurchase Program, Authorized Amount           $ 5,000      
Number of shares repurchased   8,412,000              
Cost of shares repurchased   $ 1,516              
Repurchase authorization remaining at end of period   $ 3,551   $ 3,551          
Subsequent Event [Member] | July 2021 Stock Repurchase Plan                  
Equity, Class of Treasury Stock [Line Items]                  
Number of shares repurchased 167,700                
Cost of shares repurchased $ 29                
Repurchase authorization remaining at end of period $ 3,522                
v3.21.2
Share-Based Compensation (Detail) - $ / shares
9 Months Ended
Feb. 25, 2021
Sep. 30, 2021
Chubb Limited Amended 2016 Long-Term Incentive Plan | Common Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized   13,400,000
Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period   3 years
Award term period in years   10 years
Stock options granted 1,790,057  
Weighted-average grant date fair value for stock options granted $ 33.05  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   4 years
Restricted stock awards granted to employees and officers of the company 848,762  
Grant date fair value of awards except for options granted to employees and officers of the company $ 164.94  
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   3 years
Restricted stock awards granted to employees and officers of the company 284,766  
Grant date fair value of awards except for options granted to employees and officers of the company $ 164.94  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period in years   4 years
Restricted stock awards granted to employees and officers of the company 324,142  
Grant date fair value of awards except for options granted to employees and officers of the company $ 164.94  
v3.21.2
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost $ 1 $ 1 $ 3 $ 3
Non-service (benefit) cost (50) (35) (153) (104)
Net periodic benefit cost (benefit) (49) (34) (150) (101)
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 0 1 0
Interest cost 1 1 1 2
Expected return on plan assets (1) (1) (1) (3)
Defined Benefit Plan, Amortization of Gain (Loss) 0 0 0 0
Amortization of prior service cost 0 [1] (20) (26) (60)
Settlements 0 0 0 0
Non-service (benefit) cost 0 (20) (26) (61)
Net periodic benefit cost (benefit) 1 (20) (25) (61)
Losses and loss expenses | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Non-service (benefit) cost (5) (3) (14) (9)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Non-service (benefit) cost 0 (2) (3) (6)
Administrative Expense | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 1 3 3
Non-service (benefit) cost (45) (32) (139) (95)
Administrative Expense | Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 0 1 0
Non-service (benefit) cost 0 (18) (23) (55)
Foreign Plan [Member] | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 1 1 3 3
Interest cost 5 6 14 17
Expected return on plan assets (10) (11) (32) (32)
Defined Benefit Plan, Amortization of Gain (Loss) 0 0 2 1
Amortization of prior service cost 0 1 0 1
Settlements 0 0 0 0
Non-service (benefit) cost (5) (4) (16) (13)
Net periodic benefit cost (benefit) (4) (3) (13) (10)
UNITED STATES | Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans        
Service cost 0 0 0 0
Interest cost 18 24 53 74
Expected return on plan assets (64) (56) (191) (168)
Defined Benefit Plan, Amortization of Gain (Loss) 0 0 0 0
Amortization of prior service cost 0 0 0 0
Settlements 1 1 1 3
Non-service (benefit) cost (45) (31) (137) (91)
Net periodic benefit cost (benefit) $ (45) $ (31) $ (137) $ (91)
[1] At June 30, 2021, the remaining prior service cost amortization related to the 2016 harmonization of our U.S. retirement program was fully amortized. Refer to Note 13 to the Consolidated Financial Statements of our 2020 Form 10-K for additional information.
v3.21.2
Other Income and Expenses (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income (Loss) from Equity Method Investments [1] $ 802 $ 479 $ 2,073 $ 435
Gains Losses On Fair Value Changes In Separate Account Assets [2] (24) 24 (5) 8
Excise and Sales Taxes (5) (4) (15) (16)
Other Nonoperating Expense (10) (14) (23) (55)
Other Nonoperating Income (Expense) 763 485 2,030 372
Huatai Group [Member]        
Income (Loss) from Equity Method Investments $ 40 $ 37 $ 144 $ 86
[1] Principally comprises our share of operating income and mark-to-market movement on private equities where we hold more than three percent. Also includes net income from our investment in Huatai of $40 million and $144 million for the three and nine months ended September 30, 2021, respectively, compared to $37 million and $86 million, respectively, for the prior year periods.
[2] Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP.
v3.21.2
Segment Information (Operations By Segment) (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting Information [Line Items]        
Net premiums written $ 10,510 $ 9,078 $ 28,718 $ 25,410
Net premiums earned 10,000 8,765 27,034 24,687
Losses and loss expenses 6,629 5,835 16,688 16,897
Policy benefits 151 198 503 550
Policy acquisition costs 1,778 1,645 5,141 4,853
Administrative expenses 806 733 2,325 2,201
Underwriting income (loss) 636 354 2,377 186
Net investment income (loss) 866 840 2,613 2,528
Other (income) expense (763) (485) (2,030) (372)
Amortization of purchased intangibles 71 72 216 217
Segment Income (loss) 2,194 1,607 6,804 2,869
Realized Investment Gains (Losses) (21) (141) 833 (1,069)
Interest expense 122 130 366 390
Income tax expense 218 142 873 295
Net income (loss) 1,833 1,194 6,398 1,115
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Losses and loss expenses (10) 1 (8) (2)
Policy benefits (24) 24 (5) 8
Policy acquisition costs 0 0 0 0
Administrative expenses 0 0 0 0
Underwriting income (loss) 34 (25) 13 (6)
Net investment income (loss) (55) (32) (135) (64)
Other (income) expense (31) [1] (56) (130) (72)
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) 10 (1) 8 2
Realized Investment Gains (Losses) (10) 1 (8) (2)
Interest expense 0 0 0 0
Income tax expense 0 0 0 0
Net income (loss) 0 0 0 0
North America Commercial P&C Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 4,369 3,778 12,318 10,750
Net premiums earned 3,954 3,456 11,431 10,427
Losses and loss expenses 2,754 2,444 7,740 8,123
Policy benefits 0 0 0 0
Policy acquisition costs 537 489 1,540 1,452
Administrative expenses 273 243 772 751
Underwriting income (loss) 390 280 1,379 101
Net investment income (loss) 507 510 1,582 1,544
Other (income) expense 8 [1] 7 24 19
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) 889 783 2,937 1,626
North America Personal P&C Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 1,300 1,285 3,761 3,719
Net premiums earned 1,244 1,231 3,652 3,623
Losses and loss expenses 846 961 2,341 2,406
Policy benefits 0 0 0 0
Policy acquisition costs 254 248 746 724
Administrative expenses 73 65 200 199
Underwriting income (loss) 71 (43) 365 294
Net investment income (loss) 60 64 189 195
Other (income) expense 1 [1] 1 (3) 4
Amortization of purchased intangibles 2 2 8 8
Segment Income (loss) 128 18 549 477
North America Agricultural Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 1,415 986 2,110 1,604
Net premiums earned 1,338 971 1,858 1,441
Losses and loss expenses 1,138 845 1,554 1,223
Policy benefits 0 0 0 0
Policy acquisition costs 61 56 100 96
Administrative expenses 4 5 10 12
Underwriting income (loss) 135 65 194 110
Net investment income (loss) 6 7 21 23
Other (income) expense 0 [1] 0 0 1
Amortization of purchased intangibles 7 7 20 20
Segment Income (loss) 134 65 195 112
Overseas General Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 2,596 2,238 7,983 6,857
Net premiums earned 2,664 2,337 7,721 6,838
Losses and loss expenses 1,487 1,192 3,936 3,935
Policy benefits 0 0 0 0
Policy acquisition costs 703 637 2,070 1,903
Administrative expenses 266 260 811 759
Underwriting income (loss) 208 248 904 241
Net investment income (loss) 157 130 447 396
Other (income) expense 0 [1] 1 3 10
Amortization of purchased intangibles 11 10 36 33
Segment Income (loss) 354 367 1,312 594
Global Reinsurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 221 181 702 606
Net premiums earned 211 171 583 520
Losses and loss expenses 192 154 422 314
Policy benefits 0 0 0 0
Policy acquisition costs 55 40 147 127
Administrative expenses 9 9 27 28
Underwriting income (loss) (45) (32) (13) 51
Net investment income (loss) 99 85 250 214
Other (income) expense 0 [1] 0 0 1
Amortization of purchased intangibles 0 0 0 0
Segment Income (loss) 54 53 237 264
Life Insurance [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 609 610 1,844 1,874
Net premiums earned 589 599 1,789 1,838
Losses and loss expenses 179 183 562 556
Policy benefits 175 174 508 542
Policy acquisition costs 168 175 538 551
Administrative expenses 82 80 247 238
Underwriting income (loss) (15) (13) (66) (49)
Net investment income (loss) 102 95 301 285
Other (income) expense (19) [1] (23) (79) (52)
Amortization of purchased intangibles 2 1 4 3
Segment Income (loss) 104 104 310 285
Corporate Segment [Member]        
Segment Reporting Information [Line Items]        
Net premiums written 0 0 0 0
Net premiums earned 0 0 0 0
Losses and loss expenses 43 55 141 342
Policy benefits 0 0 0 0
Policy acquisition costs 0 0 0 0
Administrative expenses 99 71 258 214
Underwriting income (loss) (142) (126) (399) (556)
Net investment income (loss) (10) (19) (42) (65)
Other (income) expense (722) [1] (415) (1,845) (283)
Amortization of purchased intangibles 49 52 148 153
Segment Income (loss) 521 218 1,256 (491)
Realized Investment Gains (Losses) (11) (142) 841 (1,067)
Interest expense 122 130 366 390
Income tax expense 218 142 873 295
Net income (loss) $ 170 $ (196) $ 858 $ (2,243)
[1] Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.
v3.21.2
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings Per Share [Abstract]        
Net income (loss) $ 1,833 $ 1,194 $ 6,398 $ 1,115
Weighted-average shares outstanding 435,318,088 451,794,046 443,595,026 451,683,093
Share-based compensation plans 3,123,550 1,471,434 3,032,989 1,894,699
Weighted-average shares outstanding and assumed conversions 438,441,638 453,265,480 446,628,015 453,577,792
Basic earnings (loss) per share (US$ per share) $ 4.21 $ 2.64 $ 14.42 $ 2.47
Diluted earnings (loss) per share (US$ per share) $ 4.18 $ 2.63 $ 14.33 $ 2.46
Potential anti-dilutive share conversions 1,758,853 7,053,316 1,439,882 6,767,727